Caterpillar (NYSE: CAT) reported Q3 EPS of $0.75, $0.03 worse than the analyst estimate of $0.78. Revenue for the quarter came in at $11 billion versus the consensus estimate of $11.16 billion.

2015 Outlook

The 2015 outlook for sales and revenues is about $48 billion, and that is unchanged from the outlook that was included with the September 24 announcement of new restructuring actions.

The outlook for profit per share is about $3.70, or $4.60 excluding restructuring costs. The expectation for 2015 restructuring costs has increased significantly, from about $250 million to about $800 million, and is a result of the additional restructuring actions.

*** The Street sees FY15 revenue of $47.8 billion and EPS of $4.60.

The previous outlook for profit per share was provided in late July along with second-quarter 2015 financial results. At that time, the outlook for profit per share was $4.70, or $5.00 excluding restructuring costs and was based on sales and revenues of about $49 billion.

Preliminary 2016 Sales and Revenues Outlook

Sales and revenues for 2016 are expected to be about 5 percent below 2015. We expect Construction Industries’ sales to be flat to down 5 percent with some improvement in developed countries offset by declining sales in developing countries. Energy & Transportation’s sales are expected to be down 5 to 10 percent as a result of continuing weakness in oil and gas coupled with a weaker order backlog than in 2015. Mining is expected to be down again, resulting in a decline in Resource Industries’ sales of about 10 percent.

The preliminary outlook reflects weak economic growth in the United States and Europe with U.S. construction activity impacted by low infrastructure investment and continued headwinds from oil and gas. It also reflects a slowing China, Brazil in recession and continuing weakness in commodity prices.

“Managing through cyclicality has been critical to Caterpillar’s success for the past 90 years; it’s nothing new for us or our customers. When world growth improves, the key industries we serve — construction, mining, energy and rail — will be needed to support that growth. We’re confident in the long-term success of the industries we’re in, and together with our customers, we’ll weather today’s challenging market conditions,” CEO Doug Oberhelman said.

“We can’t control the business cycle, but we continue to drive improvements in our business. We’re implementing Lean to drive improvements through our businesses and executing our Across the Table initiative with dealers to improve our market position, service performance and value to customers. We’re also investing in emerging technologies and data analytics tools to continue our role as an innovation leader for our customers. As we look ahead to what will likely be our fourth consecutive down year for sales, which has never happened in our 90-year history, we are restructuring to lower our cost structure. It’s painful and will affect thousands of people, but is essential for the long-term health of the company and should position us for better results when conditions improve,” added Oberhelman.

For earnings history and earnings-related data on Caterpillar (CAT) click here.