UPDATE: Caterpillar Posts Downbeat Q3 Results, Lowers FY13 Forecast

Caterpillar

reported downbeat third-quarter earnings and cut its full-year view. Caterpillar's quarterly earnings fell to $946 million, or $1.45 per share, from $1.70 billion, or $2.54 per share, in the year-ago period. Its total sales declined to $13.42 billion from $16.45 billion. However, analysts were expecting earnings of $1.68 per share on revenue of $14.29 billion. Caterpillar now projects 2013 profit of $5.50 per share on sales of $55 billion. Caterpillar shares fell 3.89% to $85.70 in pre-market trading.