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Caterpillar Pares Outlook Amid Sluggish Demand

Caterpillar Inc. pared its earnings and revenue forecasts for the year as demand for its construction and mining equipment remained sluggish through the first quarter, with little sign of challenges easing this year.

Shares slipped 1.5% to $77.46 in premarket trading.

The company now expects revenue between $40 billion and $42 billion for 2016, compared with prior guidance of $40 billion to $44 billion. That means the midpoint of the outlook range was cut by $1 billion, to $41 billion, slightly above the consensus estimate of $40.61 billion that analysts had projected, according to Thomson Reuters.

Though the company said it had seen some market improvements, it lowered its full-year outlook, citing factors such as lower transportation sales—including rail, marine and the ending of production of on-highway trucks—lower...