AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 132.66 Increased By ▲ 3.13 (2.42%)
BOP 6.89 Increased By ▲ 0.21 (3.14%)
CNERGY 4.57 Decreased By ▼ -0.06 (-1.3%)
DCL 8.92 Decreased By ▼ -0.02 (-0.22%)
DFML 42.75 Increased By ▲ 1.06 (2.54%)
DGKC 84.00 Increased By ▲ 0.23 (0.27%)
FCCL 32.90 Increased By ▲ 0.13 (0.4%)
FFBL 77.06 Increased By ▲ 1.59 (2.11%)
FFL 12.20 Increased By ▲ 0.73 (6.36%)
HUBC 110.01 Decreased By ▼ -0.54 (-0.49%)
HUMNL 14.40 Decreased By ▼ -0.16 (-1.1%)
KEL 5.53 Increased By ▲ 0.14 (2.6%)
KOSM 8.32 Decreased By ▼ -0.08 (-0.95%)
MLCF 39.67 Decreased By ▼ -0.12 (-0.3%)
NBP 65.50 Increased By ▲ 5.21 (8.64%)
OGDC 198.74 Decreased By ▼ -0.92 (-0.46%)
PAEL 26.00 Decreased By ▼ -0.65 (-2.44%)
PIBTL 7.62 Decreased By ▼ -0.04 (-0.52%)
PPL 159.00 Increased By ▲ 1.08 (0.68%)
PRL 26.24 Decreased By ▼ -0.49 (-1.83%)
PTC 18.35 Decreased By ▼ -0.11 (-0.6%)
SEARL 82.24 Decreased By ▼ -0.20 (-0.24%)
TELE 8.12 Decreased By ▼ -0.19 (-2.29%)
TOMCL 34.40 Decreased By ▼ -0.11 (-0.32%)
TPLP 8.98 Decreased By ▼ -0.08 (-0.88%)
TREET 16.88 Decreased By ▼ -0.59 (-3.38%)
TRG 59.49 Decreased By ▼ -1.83 (-2.98%)
UNITY 27.52 Increased By ▲ 0.09 (0.33%)
WTL 1.40 Increased By ▲ 0.02 (1.45%)
BR100 10,614 Increased By 206.9 (1.99%)
BR30 31,874 Increased By 160.5 (0.51%)
KSE100 98,972 Increased By 1644 (1.69%)
KSE30 30,784 Increased By 591.7 (1.96%)

Industrial giant Caterpillar reported a big drop in third-quarter profits on October 22 and projected lower sales in 2016 due to weakness in the energy and mining sectors. Earnings for the quarter ending September 30 came in at $368 million, down 63.8 percent compared with the year-ago period. Revenues tumbled 19.1 percent to $11.0 billion.
"The environment remains extremely challenging for most of the key industries we serve," said Caterpillar chief executive Doug Oberhelman. "Improving how we operate is our focus amidst the continued weakness in mining and oil and gas."
Caterpillar, which manufacturers equipment for the construction, energy, resources and other industries, reported revenue declines in all three of its business divisions.
Caterpillar announced a major cost-cutting program last month that could shutter more than 20 facilities and eliminate more than 10,000 jobs.
"Managing through cyclicality has been critical to Caterpillar's success for the past 90 years," Oberhelman said. "We're confident in the long-term success of the industries we're in, and together with our customers, we'll weather today's challenging market conditions."
Caterpillar's preliminary 2016 outlook projects sales at about five percent below those in 2015, with energy and resources down and construction at flat to down five percent.
The outlook reflects weak growth in the US and Europe, a slowing China, recession in Brazil and continuing weakness in commodity prices, the company said.
Caterpillar's results translated into 75 cents per share, excluding restructuring costs. Analysts expected the company to report 78 cents per share.
Shares of Caterpillar slumped 4.1 percent to $66.83 in pre-market trade.

Copyright Agence France-Presse, 2015

Comments

Comments are closed.