Caterpillar reported quarterly earnings on Monday that eat Wall Street's expectations, yet revenue came in below what most analysts had forecast.
With global economic growth grinding to a near-halt, Caterpillar cautioned that the year's revenue and profits would come in below its earlier guidance. While the company is not predicting an outright recession, it does expect plodding growth.
Following the announcement, the construction and mining equipment maker's shares fell before the opening bell. (Click here to get real-time quotes for Caterpillar.)
Earnings excluding items increased to $2.54 per share from $1.71 a share in the year-earlier period.
Revenue rose to $16.45 billion from $15.72 billion during the same period last year.
Analysts had expected Caterpillar to report $16.79 billion in revenue, with earnings of $2.22 a share, according to a consensus estimate from Thomson Reuters.