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Caterpillar CEO: Big misses reflect 'rough patch'

Caterpillar delivered quarterly earnings and revenue that fell short of expectations on Thursday. The company also lower its earnings outlook and sharply increased its estimates on restructuring costs for 2015.

Chairman and CEO Doug Oberhelman acknowledged shortly after the announcement that the company is going through a "rough patch."

"Our day will come, but it's not right now," he told CNBC's "Squawk Box."

Caterpillar shares were down 1 percent in premarket trading following the announcement. (Get the latest quote here.)

The world's biggest construction and mining equipment maker posted third-quarter adjusted earnings of 75 cents per share, down from $1.72 in the year-earlier period. Revenue fell to $10.96 billion from $13.55...


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