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Caterpillar Lowers Sales Outlook, May Cut 10,000 Jobs

Mining and construction giant Caterpillar (NYSE:CAT) slashed its full-year revenue outlook by $1 billion and said that it expects to cut 4,000 to 5,000 positions through the end of next year and up to 10,000 positions though 2018. It may also consolidate and close some manufacturing facilities.

The company now expects $48 billion in 2015 sales and revenue, down from prior guidance for $49 billion, and sees 2016 revenue down 5% from 2015.

Caterpillar shares fell 6.5% to 65.63 the stock market today.

"We are facing a convergence of challenging marketplace conditions in key regions and industry sectors — namely in mining and energy," said CEO Doug Oberhelman in a statement. "While we've already made substantial adjustments as these market conditions...