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Rough Quarter For Caterpillar

Posted by wlpo on July 24, 2013

PEORIA (AP) – A gloomy outlook from Caterpillar, the world’s largest construction equipment company, helped to send stock indexes mostly lower in midday trading.

Caterpillar announced today that its earnings fell 43 percent in the second quarter as China’s economy slowed and commodity prices sank. Second-quarter sales and revenues for Caterpillar were $14.6 billion, down from $17.3 billion in the second quarter of 2012.

Chairman and Chief Executive Officer Doug Oberhelman said he expected profits to improve in the second half of the year.

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