Caterpillar shares tank after company cuts forecast again, earnings badly miss the Street

Shares ofplunged on Wednesday after the company slashed its full-year outlook and posted disappointing second-quarter results.

The heavy machinery manufacturer earned $2.66 per share in the third quarter, versus the consensus estimate of $2.88 per share, according to Refinitiv. Revenue came in at $12.758 billion, while Wall Street expected revenue of $13.572 billion. The company lowered its full-year earnings per share forecast to a range of $10.59 and $11.09, below the expected $11.70."Our volumes declined as dealers reduced their inventories, and end-user demand, while positive, was lower than our expectations," said Caterpillar Chairman and CEO Jim Umpleby.

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