Caterpillar’s Fourth-Quarter Profit Drops 55%

Heavy equipment maker Caterpillar Inc. reported its fourth-quarter profit fell 55% to $697 million, or $1.04 a share, from $1.55 billion, or $2.32, a year ago, on lower production.

Fourth-quarter sales fell 7% to $16 billion, the company said Monday.

For all of 2012, the company said it had $65.9 billion in sales and $8.48 profit-per share.

Caterpillar, the largest maker of earth-moving equipment, said its 2013 profit-per share outlook is a range of $7 to $9 per share and sales are expected to be $60 billion to $68 billion.

Caterpillar, which formerly made diesel truck engines, said in 2008 it was pulling out of the North American Class 8 truck engine market except for a truck and engine in partnership with Navistar International Corp.