(Adds company comments, analyst quote)
By Mark Weinraub
CHICAGO, Jan 26 (Reuters) – Caterpillar Inc, the
world’s largest construction and equipment maker, forecast 2017
profit sharply below analysts’ estimates, hurt by sluggish
demand in the construction and energy industries.
Peoria, Illinois,-based Caterpillar has already slashed its
workforce by more than 16,000 to cope with a slumping economy
and said it would take another $500 million in restructuring
costs in 2017 at a time when U.S. President Donald Trump is
calling on manufacturers to expand employment.
Hopes for a rebound in manufacturing have fueled a 15
percent rally in Caterpillar’s stock since Trump’s election,
even as the company has so…
Read the full article at: http://www.businessinsider.com/r-update-3-caterpillar-sees-17-profit-below-expectations-as-restructuring-continues-2017-1