Caterpillar sees 2020 profit below expectations

Caterpillar on Friday issued a weaker-than-expected outlook for the year, saying global economic uncertainty would continue to put pressure on sales.

While the world's biggest construction and mining equipment maker saw fourth quarter profit rise well above expectations, it says it expects 2020 profit to trail behind analyst estimates.

The industrial giant - considered a bellwether for economic activity - has been hit hard as companies held off on big purchases due to uncertainty sparked by a prolonged U.S.-China trade war.

And while a trade truce has eased tensions between the two countries, the worsening outbreak of the coronavirus has clouded the economic outlook.

Caterpillar's CFO said its forecast for the year factors in the impact from the flu-like virus.

Meanwhile - the company said revenue in the fourth quarter fell more than 8%, missing analyst estimates.