Caterpillar missed market expectations by 2 cents Tuesday, reporting earnings per share of $1.39 for the third quarter, but it said it maintains its full-year outlook for earnings of $6 per share while laying off workers.
But the company, the world's largest maker of earth-moving equipment, painted a bleak picture of the much of the developed world. It called conditions in North America "recessionary" and predicted that Europe would be in recession by year end.
And the company's chief executive of Caterpillar said Tuesday the company had laid off an unspecified number of workers in the United States, England and France as it tries to adjust to what he called "recessionary conditions" in some of its markets.
During a conference call with analysts to discuss the construction and mining-equipment maker's earnings, Jim Owens said workers in Sanford, N.C.; Mossville, Ill.; Leicester, England and Grenoble, France, had been affected by the cuts.