Caterpillar 3Q profits tumble

Caterpillar Inc. (NYSE: CAT) yesterday reported lower net profits for the third quarter caused by declines in global machinery sales.

The Peoria, Ill.-based company reported net income of $368 million in the third quarter, or 62 cents per share, down from $1.02 billion, or $1.63 per diluted share, a year earlier.

A slowdown in such key consumer industries as construction activity, mining and oil and gas drilling contributed to the drop in sales, according to Reuters.

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