Caterpillar lowers 2015 profit outlook
Storm clouds hang over a Caterpillar sign on Jan. 26, 2009, in City of Industry, Calif. / David McNew/Getty Images
(AP) LAS VEGAS - The world's largest maker of construction and mining equipment is lowering expectations for its profit next year because of slower-than-expected growth in the global economy.
Caterpillar (CAT) had previously said it expected to earn $15 to $20 per share in 2015. It's now saying it expects to earn $12 to $18 per share on revenue of $80 billion to $100 billion.
The company, based in Peoria, Ill., says it expects sales growth to pick up in 2014 and 2015 amid a "modest" global economic expansion.
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Caterpillar shares fell more than 2 percent in aftermarket trading following the announcement.
The company gave its guidance at a mining conference in Las Vegas.
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