Caterpillar CEO Doug Oberhelman said he expects “anemic and modest growth” through 2015.
In an analysts presentation during MinExpo, Oberhelman said the slow global economy is causing the company to reduce its earnings outlook to $12 to $18 per share, down from $15 to $20. Oberhelman said he expects 2015 sales and revenues to be between $80 and $100 billion.
China’s slowing growth and the integration of the Bucyrus purchase were cited by some as behind the reduction.
“There are a number of geopolitical and economic factors driving uncertainty in the world today,” Oberhelman said. “But just as we have done in the past, Caterpillar is ready to act if we enter a recession. We don’t think it’s likely, but if it happens, we are prepared to react and would expect to remain attractively profitable and to maintain our dividend.”