The firm, which makes a range of distinctive yellow machinery, also said it expects flat results next year.
Caterpillar said it had axed 3,000 more jobs in the quarter and warned that further cuts were possible.
In an interview with CNBC, chairman and chief executive Doug Oberhelman said he was confident of an eventual recovery.
“Long term, the mining customers I've talked to lately are very bullish – as am I, and I have to be based on what they tell me,” he said.
“But I don’t know if long term is next year, five years or 10 years. But it will come back. We’ve seen it every single time.”
Caterpillar, the world’s largest maker of earth-moving equipment, reported a third-quarter profit of $946m (£584.8m), down from $1.7bn a year earlier.
Total sales and revenue fell 18 per cent to $13.4bn.