Caterpillar reported a 13-percent drop in sales and lowered its sales outlook for the second half of the year, reports the Wall Street Journal.
Last quarter, profit fell to $710 million, or $1.16 a share, from $999 million, or $1.57 a share, a year earlier. Excluding restructuring charges, per-share profit fell to $1.27 a share from $1.69 a share a year earlier.
Projected revenue for the rest of 2015 is $49 billion, down $1 billion from its previous projection.
Caterpillar CEO Doug Oberhelman cited several factors for the current and projected slump.
"We've got an oil price cut in half, commodities are at their lows for quite a few years at this point and global growth is slow," he told CNBC.
According to WSJ, Caterpillar is facing a steady slump in the demand for mining equipment and construction machinery, and a recent slowdown in engine sales.