Caterpillar reported its Q3/15 profit of $368 million or $0.62 per share was down 64% from $1.02 billion or $1.63 per share a year earlier. Revenue of $10.96 billion in Q3/15 was down 19% from $13.55 billion in Q3/14. Analysts polled by Thomson Reuters had forecast $0.78 a share on $11.25 billion of revenue.

Caterpillar said its Construction-Industry sales fell 15% while Resource Industries (mining), fell 17%. Energy and Transportation equipment sales declined 25%.

In its 2015 outlook, the company said sales and revenues will be about $48 billion, which is unchanged from the outlook that was included with the September 24 announcement of new restructuring actions.

In its preliminary 2016 sales and revenues outlook, the company said it expects to be about 5% below 2015. Construction Industries’ sales are expected to be flat to down 5% 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% 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%.

Caterpillar said 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.

“The environment remains extremely challenging for most of the key industries we serve, with sales and revenues down 19% from the third quarter last year. Improving how we operate is our focus amidst the continued weakness in mining and oil and gas. We’re tackling costs, and our year-to-date decremental profit pull through has been better than our target. We’re also focusing on our global market position, and it continues to improve even in challenging end markets. Our product quality is in great shape, and our safety record is among the best of any industrial company today,” said Caterpillar chairman and CEO Doug Oberhelman.