Caterpillar profit falls as demand weakens
Caterpillar Inc (CAT) fell short of Wall Street estimates for quarterly profit on Wednesday as it was hit by weak demand for its construction and mining equipment businesses. The company, cutting its 2019 profit forecast, also sent its shares down 5%.
The Illinois-based company has been suffering from the prolonged U.S.-China trade war.
“In the fourth quarter, we now expect end-user demand to be flat and dealers to make further inventory reductions due to global economic uncertainty,” said Caterpillar Chief Executive Officer Jim Umpleby.