PEORIA, Illinois (AP) - Caterpillar Inc., one of the world's largest construction equipment makers, said Friday its second-quarter profit fell 21 percent, hurt by weakness in North American construction markets.
The results missed Wall Street expectations, and Caterpillar shares skidded 4 percent lower in premarket trading.
Caterpillar earned $823 million (euro595.51 million), or $1.24 per share, in the three months ended June 30, down from $1.05 billion (euro0.76 billion), or $1.52 per share during the same period last year.
Revenue rose 7 percent to $11.36 billion (euro8.22 billion) from $10.61 billion last year.
Analysts polled by Thomson Financial expected a profit of $1.49 on revenue of $11.12 billion (euro8 billion).
Revenue was helped by sales outside of North America, Caterpillar said, which offset the planned decline in North American dealer machine inventories and a drop in demand for on-highway truck engines.
Caterpillar said earnings were hurt by soft North American machine sales, selected supply chain disruptions and higher material and manufacturing costs.