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The company, the world's largest construction and mining
equipment maker, lowered its full-year 2016 sales outlook to a
range of $40 billion to $40.5 billion, from $40 billion to $42
billion.
Caterpillar expects earnings of $2.75 per share, or $3.55
excluding restructuring costs, from $3.00, or $3.70 excluding
restructuring costs.
At the same time Caterpillar raised estimated expenses for
restructuring during full-year 2016 to $700 million, from $550
million.
"Despite a solid second quarter, we're cautious as we enter the
second half of the year," Chief Executive Officer Doug
Oberhelman said in a statement.
Caterpillar reported second-quarter profit of $550 million, or
93 cents per share, down from a revised $802 million, or $1.31,
a year earlier.
In premarket trading, Caterpillar shares fell nearly 1 percent
to $78.
(Reporting By Meredith Davis in Chicago; additional reporting by
Nick Carey)
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