Caterpillar said its 3Q profits fell 53%, calling the period a low point in the worse recession since the 1930s. Excluding costs from layoffs, the company's profit forecast amounte to US$1.85 to $2.05 per share.
Sales of machinery dropped 52%, engine sales slipped 35%, and finance sales dipped 14%. Declines were led by Europe, Africa, and the Middle East and followed by North America. About 67% of Caterpillar's revenue came from overseas in 2008, up from 63% in 2007 and 54% in 2006.
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