MINNEAPOLIS (AP) – Caterpillar says the world’s economy is weaker than it thought, and it doesn’t expect growth to pick up until the second half of next year.

The company on Monday cut its 2012 revenue and profit guidance, and took a very cautious view toward its performance in 2013.

Caterpillar makes the yellow-painted excavators, heavy tractors, and other construction equipment often seen on road-building projects. It’s the world’s largest maker of construction and mining equipment, and also makes engines. Its results are watched closely for signs of where the broader economy is headed.