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.
Most Popular Stories
- Florida Warns Beach-goers About Flesh-eating Bacteria
- Islamic State Fights for Control of Syrian Oil Wealth
- Sutherland Responds to 'Unprofessional' Jibe
- LivePro Is a Mobile Hot Spot, Projector in One
- How to Fit Green Energy Into Your Portfolio
- Sanctions Will Hit Russia Hard if Not Lifted Quickly
- Adrienne Bailon Disses Ex-Lover Rob Kardashian
- U.S. Economy Grows at Fastest Pace in 10 Years
- Jerry Brown Favors More Shelters for Immigrant Kids
- Business Leaders Set for CHCC Convention