Profit Warning : Caterpillar cuts 2013 outlook, cautious on 2014

NEW YORK (MarketWatch)
Caterpillar Inc. , 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
Caterpillar said its preliminary outlook 2014 sees sales and revenues flat with 2013 in a range of plus or minus 15%