Caterpillar reports 54per cent drop in quarterly earnings

FILE PHOTO: A row of excavators are seen at the Caterpillar booth at the CONEXPO-CON/AGG convention at the Las Vegas Convention Center in Las Vegas, Nevada, U.S. March 9, 2017. REUTERS/David Becker/File PhotoIn the third quarter, the heavy equipment maker reported a profit of US$1.22 per share, down 54per cent from a year ago. Analysts surveyed by Refinitiv, on average, expected earnings of US$1.16 per share.

Caterpillar Chief Executive Jim Umpleby, however, said the company was witnessing"positive signs" in certain industries and geographies. Construction machine sales in Asia-Pacific, for example, were up 14per cent year-on-year in the latest quarter.

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