Caterpillar Q3 earnings fall as equipment sales slip
Industrial machinery giant Caterpillar posted a sharp drop in quarterly earnings on Tuesday as equipment sales fell across all territories.
Caterpillar reported better-than-expected adjusted earnings per share of $1.34, with revenues of $9.9bn for the three months ended 30 September.
However, sales were down 23% year-on-year and profits were 54% lower compared to the same time a year earlier.
Caterpillar attributed the sales decline to lower sales volume as a result of weakened end-user demand for equipment and services.
Chairman and chief executive Jim Umpleby said: "Our third-quarter results largely aligned with our expectations, and we're encouraged by positive signs in certain industries and geographies.
"We're executing our strategy and are ready to respond quickly to changing market conditions."
As of 1545 GMT, Caterpillar shares were down 3.18% at $157.87 each.