Caterpillar revenue down $11 billion over last year

By WEEK Producer

Caterpillar revenue down $11 billion over last year

October 23, 2013 Updated Oct 23, 2013 at 5:13 PM CDT

PEORIA, Ill. -- Caterpillar Chairman and CEO Doug Oberhelman confirms 2013 has "proven to be difficult" for the Fortune 500 company.

Oberhelman’s comments come as third quarter results show Caterpillar sales and revenues, as well as profit per share, are all down.

The company reports sales and revenues of  $13.4 billion.

That is down from $16.4 billion from last year.

Profit per share was $1.45, down more than a dollar from the third quarter 2012 profit per share.

Caterpillar Spokesman Jim Dugan said demand for mining is down and as a result, there could be more layoffs on the horizon.

“We are looking at an $11 billion step down in sales and revenues from last year to what we think this year will end up,” Dugan said. “Unfortunately we are in a situation, we do slow production and we have less work for people to do in our facilities, and we have to take those steps.”

Not surprisingly, Caterpillar has revised its 2013 outlook and now expects sales and revenues to be about $55 billion, with profit per share of about $5.50.

The previous outlook for this year was a range of $56 billion to $58 billion with profit per share of $6.50.