Caterpillar Inc. announced up to 10,000 job cuts as part of a plan to reduce annual costs by $1.5 billion as the maker of construction and mining equipment continues to feel the impact from weakness in the energy and mining markets.

The company also lowered its revenue outlook for 2015 by $1 billion, to $48 billion from $49 billion, and said it sees sales in 2016 sales falling 5%.

Analysts, on average, were expecting revenue of $48.8 billion in 2015 and $47.36 billion in 2016.

Shares of Caterpillar fell 6.6% to $65.60 in premarket trading.

Write to Tess Stynes at tess.stynes@wsj.com

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(END) Dow Jones Newswires

September 24, 2015 09:45 ET (13:45 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
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