PEORIA, Ill. (AP) — Caterpillar says its profit plunged in the latest quarter as construction companies bought fewer of its big yellow-and-black machines.
But the company says it sees rebounding demand worldwide and it lifted its profit outlook for the year.
Caterpillar has struggled with waning demand since the global economy deteriorated late last year. To cope, it has cut production and thousands of jobs.
Caterpillar says it earned $404 million, or 64 cents per share, during the July-September period. That compares with $868 million, or $1.39 per share, during the same period a year earlier.