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The world's largest construction and mining equipment maker also
lowered its full-year revenue outlook for the second time. It
now expects about $39 billion, down from a range of $40.0
billion to $40.5 billion.
The company expects its challenges to persist into next year,
Chief Executive Officer Doug Oberhelman said in a statement.
"In North America, the market has an abundance of used
construction equipment, rail customers have a substantial number
of idle locomotives, and around the world there are a
significant number of idle mining trucks," Oberhelman said.
Caterpillar forecast 2016 profit at $2.35 per share, or $3.25
excluding restructuring costs.
The company again raised expectations of 2016 restructuring
costs, to $800 million from a previous estimate of $700 million.
Shares of Caterpillar were down 1.7 percent at $84.55 in
premarket trading.
Caterpillar reported a third-quarter profit of $283 million, or
48 cents per share, down from a revised $559 million, or 94
cents per share, a year earlier.
Excluding restructuring costs, earnings per share were 85 cents.
(Reporting by Meredith Davis in Chicago; Editing by Lisa Von Ahn)
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