Caterpillar (CAT) posted earnings and revenue that missed Wall Street expectations on Monday, and cut its full-year outlook for 2013 to reflect a drop in demand for heavy equipment from its mining customers.
CAT)After the earnings announcement, the world's largest maker of construction equipment saw its shares fall in pre-market trading before turning higher. (Click here to get the latest quotes for Caterpillar:
Caterpillar posted quarterly earnings excluding items of $1.31 per share, down from $2.37 per share in the comparable year-ago period. Revenue sank to $13.21 billion from $15.98 billion a year ago.
Analysts had expected Caterpillar to report earnings per share of $1.40 per share on $13.71 billion in revenue, according to a consensus estimate from Thomson Reuters.
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The company revised its 2013 sales outlook to a range of $57 billion to $61 billion, with profit per share of about $7 at the middle of the sales and revenues outlook range. The company said the cut was necessary "because our expectations for mining have decreased significantly."
The previous outlook was in the range of $60 billion to $68 billion and earnings of $7 to $9 a share. Street estimates had forecast 2013 sales at around $62 billion.
"What's happening in our business and in the economy overall is a mixed picture. Conditions in the world economy seem relatively stable, and we continue to expect slow growth in 2013," Chairman and Chief Executive Officer Doug Oberhelman said in a statement.
-Reuters contributed to this report.
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