Reported 27 days ago
Caterpillar Inc. shares experienced their largest drop in six months after the company lowered its sales outlook due to a global slowdown in construction activity. In its latest earnings report, Caterpillar projected full-year sales and revenue to be slightly below previous estimates and disclosed that third-quarter earnings fell short of analyst expectations. Notably, construction equipment sales dropped by 9%, with significant declines in key regions like North America and Europe, while mining equipment revenue also fell. Despite these challenges, the energy and transportation sector saw a 5% sales increase.
Source: YAHOO