The website The Street is reporting that Caterpillar Inc offered a lower-than-expected fiscal 2016 first quarter earnings and revenue outlook.

It expects adjusted earnings to be between 65 cents a share to 70 cents a share, lower than Wall Street's forecasts of 97 cents a share.

The Peoria, IL-based company estimates sales to be between $9.3 billion to $9.4 billion compared to analysts' expectations of $10.34 billion.

This comes as the company has been challenged by plunging commodity prices.

Last year, the company said it would slash jobs and cut spending to battle slowing demand due to China's economic health.

However, the company backed its full year guidance for 2016. It projects profit to be between $3.50 a share to $4 a share and sales to be $40 billion to $44 billion.

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