The company, which manufactures machinery for energy, construction and resource companies, now projects 2019 earnings of $10.90 to $11.40 per share, down from the prior forecast at the low end of a range between $12.06 and $13.06 per share.

"In the fourth quarter, we now expect end-user demand to be flat and dealers to make further inventory reductions due to global economic uncertainty," said Chief Executive Jim Umpleby.

The company reported third-quarter profits of $1.5 billion, down 13.5 percent from the year-ago period.

Revenues were $12.8 billion, a decline of 5.6 percent.

Shares fell 1.6 percent to $131.56 in pre-market trading.

Copyright Agence France-Presse, 2019