NEW YORK (MarketWatch) -- Shares of Caterpillar Inc. (CAT) dropped 3.8% in premarket trade Wednesday after the maker of construction equipment missed third-quarter earnings and revenue expectations, cut its full-year 2013 forecast and issued a cautious outlook for 2014. The Peoria, Ill.-based company said it earned $946 million, or $1.45 a share, in the third quarter, down from $1.70 billion, or $2.54 a share, in the same period a year earlier. Total sales and revenue fell to $13.42 billion from $16.45 billion. Analysts surveyed by FactSet had produced a consensus forecast of earnings of $1.68 a share on revenue of $14.29 billion. Caterpillar said it now expects 2013 sales and revenue of $55 billion and profit of $5.50 a share, versus a previous forecast for sales and revenue of $56 billion to $58 billion and a mid-range profit estimate of $6.50 a share. For 2014, the company said it sees "better world growth" but that "significant risks and uncertainties remain." Caterpillar said its preliminary outlook 2014 sees sales and revenues flat with 2013 in a range of plus or minus 15%.
-William L. Watts; 415-439-6400; AskNewswires@dowjones.com
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10-23-13 0753ETCopyright (c) 2013 Dow Jones & Company, Inc.
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