Caterpillar Reports Tough Quarter

Caterpillar delivered quarterly financial news in late October that fell short of expectations. As a result, the company lowered its earnings outlook.

The report said revenue for the quarter fell to $10.96 billion from $13.55 billion a year ago. The company expects 2015 sales and revenues to be about $48 billion, and it anticipates a 5% decline in revenue in 2016. That would be the fourth consecutive year of decline, which is unprecedented in the company’s history.

Cat Chairman and CEO Doug Oberhelman told CNBC: "Our day will come, but it's not right now."

Oberhelman told the network he's doing everything he can to fortify the company during this painful period, including amassing $6 billion in cash on his balance sheet. "We've got a strong balance sheet that will allow us to weather this storm we're in. And it's a pretty good one now."

In September, Caterpillar announced a restructuring that included losing as many as 10,000 jobs over the next three years. S