In a statement, Caterpillar CEO Doug Oberhelman says the drop is mostly due to weaker mining equipment sales. He says overall sales and revenues are down 11-billion dollars.
The company reduced its expected 2013 sales and revenues to 55-billion dollars. That’s down from the estimated range of $56 billion to $58 billion. Profit-per-share is now expected to be $5.50 per share. That’s down one dollar from the previous forecast.
The decline in 2013 sales has resulted in temporary plant shutdowns and layoffs, a reduction of more than 13,000 employees, reductions in program spending, and lower capital expenditures.