Shares of Caterpillar Inc. CAT, +1.10% tumbled 4.5% in premarket trading Wednesday, after the mining, construction and agricultural heavy equipment maker reported third-quarter profit and revenue that missed expectations, and slashed its full-year outlook, as dealers reduced inventory and demand failed to meet forecasts. Net income fell to $1.49 billion, or $2.66 a share, from $1.73 billion, or $2.88 a share, in the same period a year ago.
97 billion, missing the FactSet consensus of $13.41 billion, as dealers decreased their inventories by $400 million after increasing them by $800 million a year ago. Caterpillar cut its 2019 EPS guidance range to $10.90 to $11.40 from "the low end" of $12.06 to $13.06. "Our volumes declined as dealers reduced their inventories, and end-user demand, while positive, was lower than our expectations," said Chief Executive Jim Umpleby.
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