Watch CBSN Live

Caterpillar lowers 2015 profit outlook

(AP) LAS VEGAS - The world's largest maker of construction and mining equipment is lowering expectations for its profit next year because of slower-than-expected growth in the global economy.

Caterpillar (CAT) had previously said it expected to earn $15 to $20 per share in 2015. It's now saying it expects to earn $12 to $18 per share on revenue of $80 billion to $100 billion.

The company, based in Peoria, Ill., says it expects sales growth to pick up in 2014 and 2015 amid a "modest" global economic expansion.

Get ready for rotten economic growth
Caterpillar's profit up 67 percent on strong sales
Official: Caterpillar to build manufacturing plant in Georgia

Caterpillar shares fell more than 2 percent in aftermarket trading following the announcement.

The company gave its guidance at a mining conference in Las Vegas.

View CBS News In
CBS News App Open
Chrome Safari Continue