MINNEAPOLIS (AP) — Caterpillar says fourth-quarter net income fell by half because of slower growth in China and economic issues in the U.S. and Europe.
Still, its adjusted profit and revenue were better than analysts expected.
Caterpillar Inc. makes construction and mining equipment as well as power generators, so its growth rises and falls with the world's economy.
For the fourth quarter, Caterpillar earned $697 million, or $1.04 per share. That was down from a profit of $1.55 billion, or $2.32 per share a year earlier.
Revenue fell 7 percent to $16.08 billion as dealers reduced inventory.
The most recent quarter included a charge of 87 cents per share to write down a new purchase in China. Not counting that, analysts surveyed by FactSet had been expecting a profit of $1.70 per share.