The continued slowdown of the global economy is taking a toll on Caterpillar. The construction-equipment company tried to sound upbeat in its fourth-quarter earnings report, but it missed on profits, reporting $1.35 in earnings per share instead of the $1.55 analysts had been expecting. It blamed the disappointment on falling oil prices and “depressed” sales of mining equipment amid a slump in commodity prices. It’s already massaging expectations for the coming year and laying the groundwork for job cuts.
“While we are, without a doubt, facing a tough year in 2015, we’re driving cost management through additional restructuring actions and continued operational improvements gained from our focus on lean management,” said CEO Doug Oberhelman in a statement accompanying the release.
Investors were none too pleased with the news: