(Reuters) - Caterpillar Inc, the world's largest maker of tractors and excavators, said on Monday the global economy is slowing faster than it had expected and slashed its 2012 forecast for the second time this year.þþThe company's retail dealers are selling off inventories, rather than buying new machines, forcing Caterpillar to idle some production, executives said. þþÿAs we've moved through the year, we've seen continued economic weakening and uncertainty,ÿ Chief Executive Doug Oberhelman said in a statement. þþThe statement came despite better-than-expected third-quarter profit on a rebound in U.S. sales of heavy equipment to repair crumbling infrastructure. Europe and parts of Latin America remained tough regions for Caterpillar. þþFor the third quarter, the company posted profit of $1.7 billion, or $2.54 per share, compared with $1.14 billion, or $1.71 per share, in the year-ago period. þþExcluding one-time items, the company earned $2.26 per share. By that measure, analysts expected earnings of $2.22 per share, according to Thomson Reuters I/B/E/S. þþRevenue rose 5 percent to $16.45 billion. Analysts looked for $16.77 billion. þþFor 2012, the company now expects to earn $9 to $9.25 per share on sales of $66 billion. The company had looked for about $9.60 per share. þþAnalysts estimated 2012 profit of $9.40 per share on revenue of $67.64 billion. þþIn July the company also cut its 2012 forecasts. þ
Source: NY Times
