At a Bank of America Merrill Lynch Industrials conference, Caterpillar confirmed its guidance for the full year 2016 outlook and noted sales and revenues are expected to be about 10% below 2015 performance or at the midpoint of the sales and revenue range of $40 billion to $44 billion. However, the machinery maker anticipates first quarter revenue to be in a range of $9.3 billion to $9.4 billion, which would below last year’s revenue of $10.3 billion.

In a presentation, Mike DeWalt, vice president of Caterpillar’s financial services division noted that the Construction Industries segment would be down about 5% to 10%; Energy & Transportation down about 10% to 15% and Resource Industries (includes Mining) would be off about 15% to 20%.

As a backdrop for the presentation, DeWalt noted that the negative factors that would influence the 2016 outlook included: an uncertain global economy (especially China and Brazil); continued weak construction demand; lower oil, gas and commodity prices and a strong U.S. dollar.