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Caterpillar Reports 2Q Slide in Sales

Caterpillar's net sales and revenue took a hit amidst an uncertain global economy.

The company announced Tues. sales fell in all categories and drove profit down to 93 cents a share, compared with $1.31 per share last year.

Revenue slid 16% to $10.34 billion, compared to $12.3 billion a year earlier.

But the results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 96 cents per share.

The construction equipment company posted revenue of 10.34 billion-dollars in the period, which also beat Wall Street forecasts.

Caterpillar expects full-year earnings to be $3 per share, with revenue in the range of $40 billion to $42 billion.

Meantime, Caterpillar raised estimated expenses for restructuring to be about $700 million, our about 80 cents a share. That's up from earlier expectations of $550 million.

The company points to a weak global market and uncertainty in Europe, stemming from the recent Brexit vote and the political turmoil in Turkey.