DEERFIELD, Ill. (AP) — Caterpillar is posting weak profits and revenue for the second quarter as the energy sector cools.
The construction-equipment company on Wednesday reported earnings of $1.62 billion, or $2.83 a share, in the quarter. That’s well short of the $3.12 Wall Street was looking for, according to Zacks Investment Research.
The company’s revenue was $14.43 billion, just shy of analyst projections.
Caterpillar expects full-year earnings in the range of $11.75 to $12.75 per share.
Shares of Caterpillar Inc., which has headquarters in Deerfield, Illinois, tumbled 5% before the opening bell.