Caterpillar Slides as Machinery Maker Curbs Full-Year Outlook
- Construction equipment sales fell 9% from a year ago
- Firm sees 2024 sales, revenue slightly lower than it expected
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Caterpillar Inc. shares dropped by the most in six months after maker of iconic yellow bulldozers reduced its sales outlook from a slowdown in construction activity around the world.
The company warned investors on Wednesday during its latest earnings report that full-year sales and revenue are forecast to be “slightly lower” than it previously anticipated, and signaled that fourth-quarter revenues will be lower than the year-earlier period.