(Dow Jones) -- Caterpillar Inc. said Tuesday it doesn't anticipate a rebound this year for its construction and mining equipment, as the company shrunk its profit forecast and warned of additional layoffs.
Caterpillar topped second-quarter profit and sales expectations. But the Peoria, Ill.-based company sees no end in sight to the four-year-long slide in sales from falling prices for oil and mined commodities and lower demand from key foreign markets.
"We're not expecting an upturn to happen this year," Chairman and Chief Executive Doug Oberhelman said Tuesday.
Caterpillar said anemic economic growth along with geopolitical events that undermine customer confidence such as the Brexit referendum in Britain, the hostile rhetoric from the U.S. presidential campaigns and the attempted coup in Turkey are holding down global machinery demand.