Caterpillar Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company's total sales and revenues were $16,075 million against $17,243 million a year ago. Operating profit was $1,038 million against $1,960 million a year ago. Consolidated profit before taxes was $912 million against $1,978 million a year ago. Profit of consolidated companies was $698 million against $1,562 million a year ago. Profit attributable to common stockholders was $697 million or $1.04 diluted per share against $1,547 million or $2.32 diluted per share million a year ago. Fourth-quarter 2012 profit was negatively impacted by the previously announced goodwill impairment charge of $580 million, or $0.87 per share. Lower sales and revenues and the cost impact from sharply lower production and the $2 billion decline in Caterpillar inventory also had a negative impact on fourth-quarter profit. Those impacts were partially offset by a $300 million positive impact related to the settlement of prior-year tax returns.

For the full year, the company‘s total sales and revenues were $65,875 million against $60,138 million a year ago. Operating profit was $8,573 million against $7,153 million a year ago. Consolidated profit before taxes was $8,236 million against $6,725 million a year ago. Profit of consolidated companies was $5,708 million against $5,005 million a year ago. Profit attributable to common stockholders was $5,681 million or $8.48 diluted per share against $4,928 million or $7.40 diluted per share a year ago. Net cash provided by operating activities was $5,241 million against $7,010 million a year ago. Capital expenditures -- excluding equipment leased to others was $3,350 million against $2,515 million a year ago.

The outlook for 2013 is sales and revenues in a range of $60 billion to $68 billion and profit per share of $7.00 to $9.00. The middle of full-year outlook for sales and revenues is about $2 billion below 2012 sales and revenues. The company expects the effective tax rate for 2013 to be near the 30.5% rate in 2012. Capital expenditures in 2013 are expected to be slightly below the $3.4 billion in 2012.

The company expects the first half of 2013 will be weaker than the first half of 2012, with better growth in the second half.

For the first quarter of 2013, the company is expecting that sales and revenues in the first quarter are likely to be significantly lower than the first quarter of 2012. The company expects that sales and revenues will decline more than $2 billion in the first quarter of 2013 compared with the first quarter of 2012. Much of the expected decline in first-quarter sales is a result of the continuation of reduced production as dealers are expected to continue to lower their new machine inventories. Profit is also expected to be significantly lower in the first quarter of 2013 than in the first quarter of 2012, a result of lower expected sales and the negative cost impact of continuing low production levels and declining inventory.

For the quarter, the company announced goodwill impairment charge of $580 million.