Caterpillar Inc.: The Peoria, Ill.-based maker of...

Caterpillar Inc.: The Peoria, Ill.-based maker of earth-moving equipment said its third-quarter net income tumbled 43%, to $108 million, because of a sales slump that prompted the layoff of 325 employees. Revenue fell 5% to $2.64 billion. Caterpillar blamed its sales decline partly on higher interest rates, which led to reduced construction and discouraged equipment purchases. Earnings also reflected an $11-million provision for bad debts on Latin American receivables.