Caterpillar third-quarter profit tumbles

Caterpillar Inc on Thursday reported a lower quarterly net profit as global machinery sales fell during the third quarter as worldwide construction activity, mining and drilling for oil and gas remained severely weak. 

PHOTO: REUTERS

OCT 22, 20158:50 PM

[BENGALURU] Caterpillar Inc on Thursday reported a lower quarterly net profit as global machinery sales fell during the third quarter as worldwide construction activity, mining and drilling for oil and gas remained severely weak.

The company reported a third-quarter net income of US$368 million, or 62 cents per share, down from US$1.02 billion, or US$1.63 per share diluted, a year earlier.

Earnings per share excluding restructuring costs were at 75 cents, compared with US$1.72 in the same quarter a year earlier. Analysts expected earnings of 78 cents a share.

Shares of Caterpillar fell about 2.6 per cent in pre-market trading to US$67.80.

REUTERS