Caterpillar’s Q3 profit sags, casts dim outlook with lowered 2016 guidance

The world’s largest earthmoving and mining equipment manufacturer Caterpillar has booked a sharply lower third-quarter profit, citing global economic weakness and an abundance of used equipment available, which is slowing sales. The NYSE-listed company expressed concern that the tough market would persist through much of 2017, prompting it to lower its full-year revenue outlook for the second time this year. It now expects revenues of about $39-billion, down from the range of $40-billion to $40.5-billion.