CAT Caterpillar Inc

By Patrick Thomas 

Caterpillar Inc. lowered its earnings outlook for the year after posting lower third-quarter sales, sending shares of the machinery giant down.

The Deerfield, Ill.-based maker of bulldozers and excavators Wednesday said revenue fell about 6% to $12.76 billion from $13.51 billion a year earlier. Analysts had expected $13.41 billion of revenue in the quarter.

The company said that dealers decreased their inventories by about $400 million during the third quarter, after increasing their inventories about $800 million during the same period a year earlier.

The company lowered its full-year profit outlook for the year to between $10.90 and $11.40 a share, compared with its previous range of $12.06 to $13.06 a share.

"In the fourth quarter, we now expect end-user demand to be flat and dealers to make further inventory reductions due to global economic uncertainty," Chief Executive Jim Umpleby said in a statement.

The company reported a profit of $1.49 billion, or $2.66 a share, compared with $1.73 billion, or $2.88 a share, a year ago. The company posted adjusted earnings of $2.66 a share. Analysts polled by FactSet were expecting earnings of $2.88 a share, or $2.90 a share on an adjusted basis.

Shares of the company fell about 4% during premarket trading.

Write to Patrick Thomas at Patrick.Thomas@wsj.com

(END) Dow Jones Newswires

October 23, 2019 07:10 ET (11:10 GMT)

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