Caterpillar sees weak economy as it cuts outlook

October 23, 2012 • Business

FILE – In this Wednesday, June 20, 2012, file photo a caterpillar machine is used at the Clinton Landfill in Clinton, Ill. Caterpillar cut its profit and revenue guidance on Monday, Oct. 22, 2012, saying the world’s economic conditions “are weaker than we had previously expected.” Caterpillar Inc. is the world’s largest construction and mining equipment maker, so its results are watched closely as a sign of where the broader economy is headed. (AP Photo/Seth Perlman, File)

MINNEAPOLIS (AP) — Caterpillar says the world’s economy is weaker than it thought, and it doesn’t expect growth to pick up until the second half of next year.

The company on Monday cut its 2012 revenue and profit guidance, and took a very cautious view toward its performance in 2013.

Caterpillar makes the yellow-painted excavators, heavy tractors, and other construction equipment often seen on road-building projects. It’s the world’s largest maker of construction and mining equipment, and also makes engines. Its results are watched closely for signs of where the broader economy is headed.

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