INDUSTRIAL giant Caterpillar has cut its 2013 profit forecast after reporting a 43.5 per cent drop in second-quarter earnings due to weak demand in its operating segments, especially mining.
Caterpillar, which sells machinery and engines to the construction, mining and petroleum sectors, said net income came in at $US960 million ($A1.04 billion) on revenues of $US14.6 billion, down from last year's profit of $US1.7 billion on revenues of $US16.7 billion.
Those results translated into $US1.45 earnings per share, below the $US1.70 forecast by analysts. Revenues also fell short of the $US14.9 billion estimate.
The company lowered its 2013 global economic growth outlook to just over 2 per cent, compared with its previous forecast of 2.5 per cent.
"Although we expect some improvement in the second half, the improvement will be less than previously expected," the company said.
The company had previously flagged mining equipment demand as a weak point given that several large miners like Rio Tinto had cut back capital spending in light of weaker metals demand in China and elsewhere. Revenue in the resource segment, which is dominated by mining, tumbled 34 per cent to $3.6 billion.
Dow member Caterpillar's shares were down 1.1 per cent in pre-market trading on Wednesday.
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