Submitted by Fox First at Ten on September 24th
LAS VEGAS (AP) - The world's largest maker of construction and mining equipment is lowering expectations for its profit in 2015 because of slower-than-expected growth in the global economy.
Caterpillar Inc. 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.
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.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
