Caterpillar, an American corporation, which designs, manufactures and sells machinery, has revealed that it did not have a good start for 2013. Caterpillar said that it had a great start in 2011 and 2012 but not in 2013.
It continued by saying that they are having less hopes that the first six months of 2013 will go prosperous. Caterpillar's CEO Doug Oberhelman said that they are hoping that the US economy to pick up in the year. But if it does not then a number of problems will be created.
Oberhelman not only forecasted about the US economy but also of China. He continued by saying that China will continue to show growth. Till now, there are no chances that its economy will witness a sluggish phase.
Caterpillar, which is said to be the world's biggest maker of construction and mining equipments, is registering profits. However, it seems that it has not been getting the desired results. As otherwise, its shares in pre-market trade have witnessed a rise of 2.3%.
Experts explained the reason of Caterpillar's gloominess. They affirmed that the net income of the company in the latest quarter was reduced by 50%. Caterpillar earned $697 million this time in comparison to $1.6 billion in last year.