Caterpillar has lowered its expectations for 2015, the company said in a presentation at MINExpo in Las Vegas. Caterpillar lowered its expected profit range from $15 to $20 per share to between $12 and $18 per share because of reduced capital expenditures by commodity producers, according to Business Week. Chairman and CEO Doug Oberhelman said in a presentation to analysts this week that Caterpillar is forecasting between moderate and “anemic” growth, adding that economic growth has slowed down more than expected.
Caterpillar also forecasted sales rising from about $60.1 billion in 2011 to a range of $80 billion to $100 billion in 2015.
Caterpillar’s lowered expectations contrasted with General Electric Co., which announced at MINExpo that it plans to create a new mining equipment unit. Its announcement led to speculation that GE would target mining equipment manufacturers such as Joy Global as possible takeover targets.
Caterpillar recorded machine sales growth of 13 percent for the three months ended Aug. 31, compared to a 34-percent growth rate in August of 2011.
