Caterpillar Inc. CAT 1.23% cut its profit forecast for this year, saying that global economic uncertainty is prompting customers to hold off on big purchases. Caterpillar now expects sales to decline this year compared to 2018 and cut its profit guidance for a second straight quarter. “People who are buying large capital equipment are impacted by the uncertainty in the global economy,” Caterpillar financial chief Andrew Bonfield said in an interview. Caterpillar said volume declines reduced revenue by $751 million, with higher prices offsetting some of the decline. Caterpillar said it expects tariff-related costs to be below $250 million this year; its previous projection was $250 million to $300 million.

Source: Wall Street Journal October 23, 2019 10:59 UTC