Caterpillar Inc. reported second-quarter profit that missed analysts’ expectations amid slightly lower prices for selling the company’s iconic yellow diggers and bulldozers.

The heavy equipment maker posted adjusted earnings of $4.72 a share, falling short of the $4.88 median estimate of analysts polled by Bloomberg. Caterpillar is seen as a bellwether to the health of the global economy because its equipment is used for construction, mining, energy and transportation on every continent.

Caterpillar cited “unfavorable price realization” and lower margins than a year ago for a slight decline in its revenue from the year-earlier period.

Shares of the company fell 3% before the start of regular trading in New York.

The results come as the industries that Caterpillar serves navigate one of the most tumultuous periods since the pandemic, fueled by sweeping US tariffs. In the second quarter, the company faced weaker pricing in some markets and a tariff-related cost headwind of $250 million to $350 million.

“We continued to see strong orders across our segments as demand remains resilient supported by infrastructure spending and growing energy needs,” Chief Executive Officer Joe Creed said in the earnings statement. Creed Jim Umpleby as chief executive officer in May.

The company’s profitability has been pressured by muted demand even as optimism builds that earnings will bottom out this year, Bloomberg Intelligence analysts including Christopher Ciolino wrote last month.