Caterpillar reported quarterly earnings on Monday that beat Wall Street's expectations, but revenue came in lighter than forecast.
The Cat 336E H loads a Cat CT660.Following the announcement, the construction and mining equipment maker's shares (CAT) fell before the opening bell.
Earnings excluding items increased to $2.54 per share from $1.71 a share in the year-earlier period.
Revenue increased to $16.45 billion from $15.72 billion during the same period last year.
Analysts had expected Caterpillar to report $16.79 billion in revenue, with earnings of $2.22 a share, according to a consensus estimate from Thomson Reuters.
Caterpillar also cut its full-year guidance to $9 to $9.25 a share, compared to previous estimates of $9.40 a share. Revenue is forecast at $66 billion, below previous expectations of $68 billion to $70 billion.
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"We are taking a pragmatic view of 2013 - we're not expecting rapid growth, and we're not predicting a global recession. At this point, we expect 2013 sales will be similar overall to 2012, but with a slightly weaker first half and a slightly better second half," Caterpillar Chairman and Chief Executive Officer Doug Oberhelman said in a statement. "While machine deliveries to end users have continued to hold up, our sales will probably remain relatively weak early in 2013 as dealers are likely to continue reducing inventories. ... While there's reason for optimism, and we're not expecting a global recession in 2013, we are prepared and stand ready to take action no matter what happens to the global economy."
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