Caterpillar Inc., which has its mining equipment division in South Milwaukee, has lowered its profit expectations for 2015 because of slower-than-expected growth in the global economy.
The world's largest maker of construction and mining equipment had previously said it expected to earn $15 to $20 per share in 2015. Now the Peoria, Ill.-based company says it expects to earn $12 to $18 per share on revenue of $80 billion to $100 billion.
"There are a number of geopolitical and economic factors driving uncertainty in the world today, but our base-case scenario calls for modest global economic growth over the next few years," CEO Doug Oberhelman said Monday.
Following the announcement, Caterpillar shares fell more than 2% in aftermarket trading.
