Caterpillar, the machinery maker often seen as a barometer of economic activity, has predicted continued global economic weakness in the first half of the year as it lowered its revenues forecast for 2013.

Announcing worse-than-expected fourth-quarter results, the world’s largest maker of earthmoving equipment by revenues forecast full-year 2013 revenues of $60-$68 billion, compared with the $62.7-$69.3 billion range it had earlier forecast.

It forecast earnings of $7 to $9 a share.

Caterpillar, which generates some two-thirds of its revenue outside of North America, said the lowered revenues range “reflects the level of uncertainty we see in the world today”.

Fourth-quarter earnings came in well below analyst expectations. – Copyright The Financial Times Limited 2013