Caterpillar posts lower earnings, cuts 2016 outlook

The world's largest construction and mining equipment maker also lowered its full-year revenue outlook for the second time. The company expects its challenges to persist into next year, Chief Executive Officer Doug Oberhelman said in a statement. "In North America, the market has an abundance of used construction equipment, rail customers have a substantial number of idle locomotives, and around the world there are a significant number of idle mining trucks," Oberhelman said.