Caterpillar is reporting third-quarter revenues of $653 million. That’s a decrease of $90 million, or a 12 percent reduction compared with the third quarter of last year. The third quarter financial results amount to $.62 cents per share after restructuring costs. Wall Street analysts were expecting $.78 cents profit per share. The $.62 per share profit is down $1.01 from the same time last year. The construction and mining equipment maker lowered its full-year earnings forecast with expectations that the costs of restructuring the company will rise sharply. Caterpillar also announced a major restructuring last month that will amount to a reduction of 10,000 full-time and management jobs in its global workforce.
CAT shares fell more than 2 percent before the opening bell Thursday.