Caterpillar said on Wednesday that "unfortunately, order rates have not picked up much," despite a recent rise in commodity production.
In response, Caterpillar said it had temporarily shuttered some plants, furloughed thousands of salaried and management employees, and reduced its full-time workforce by 3,000 workers during the third quarter. Over the past year, the company has cut 13,000 jobs - about 10 percent of the global total.
(Read more: Get ready for theDC-based earnings excuses)
With no uptick in orders expected, Caterpillar said it now expects a full-year 2013 profit of $5.50 a share on sales of about $55 billion, down from an earlier forecast of $6.50 a share on sales of $56 billion to $58 billion.
The revised sales outlook is nearly $11 billion lower than what Caterpillar posted last year.
After the earnings announcement, the company's shares fell in pre-market trade. (Click here to get the latest quote.)