Economy & Business
8:25 am
Wed July 24, 2013

Caterpillar Profit Plunges

Credit Mark Sardella, Flickr

Peoria, Illinois based Caterpillar says second quarter profit fell 43 percent.

Caterpillar is reporting second quarter earnings of $960 million compared with $1.7 billion a year ago. Per share earnings in the second quarter were $1.45 compared with $2.54 a  year ago. 

Caterpillar is the world's largest maker of construction and mining equipment. The global mining industry is cooling due to slower growth in China and decreasing demand for mining gear.

Earlier this summer Caterpillar announced the indefinite layoff of 260 production workers at its South Milwaukee plant.