Caterpillar on Thursday cut its first-quarter earnings and revenue guidance, but said it remains comfortable with its prior full-year forecast.
Shares of Caterpillar fell more than 3 percent in premarket trading on the news. (Get the latest quote here.)
The world's largest construction and mining equipment maker's giant said it expects quarterly adjusted earnings of 65 cents to 70 cents a share, sharply lower than Street expectations of 97 cents a share.
Revenue was forecast at $9.3 billion to 9.4 billion for the quarter, below expectations of $10.4 billion.