NEW YORK (TheStreet) -- The downturn in emerging markets is hitting U.S. exporters, with manufacturers including bulldozer-maker Caterpillar (CAT) - Get Report poised for sales declines as growth slows in China, Brazil's recession deepens and currencies slide in countries focused on oil and mining. 

Caterpillar, which said last week it would cut up to 5,000 jobs as orders slump in China, Brazil and other places, probably will see revenue decline by 14% this year and another 5% in 2016, according to Barclays. The brokerage firm William Blair cut its recommendation on the stock to "market perform" from "outperform," saying the weakness in emerging markets "will spill over into at least next year." 

The concerns over China and Brazil that have roiled markets are expected to show in earnings reports as manufacturers start to report third-quarter performance this month. Caterpillar is among the hardest hit, with heavy-equipment sales to the most vulnerable industries in developing countries -- construction, oil and mining.  

"We continue to see that the pace of declines in relevant types of machinery is still at a pretty significant rate," said Joe O'Dea, a machinery analyst at Vertical Research Partners in New York. "There's no line of sight or catalyst that's going to generate early stages of a recovery."

In China, it's not just the domestic sales that are affected; the country's slowdown has a follow-on impact on countries such as Indonesia that produce commodities and other raw materials for Chinese manufacturers, O'Dea said. 

Other industrial companies facing pressure include Milwaukee-based mining-equipment company Joy Global (JOY)  and engine maker Cummins (CMI) - Get Report , based in Columbus, Indiana, O'Dea said.

The global economy will expand this year by 2.3%, the slowest since the financial crisis of 2009, due to the economic malaise in emerging markets, Fitch Ratings said in a statement on Sept. 30. Chinese growth will slow to 6.3% next year and 5.5% in 2017, from 6.8% this year, Fitch said, while "the current deep recession in Russia and Brazil will be followed by only a weak recovery."

Caterpillar is taking a $2 billion charge for severance and other costs to consolidate manufacturing facilities, under a plan to shave $1.5 billion a year from future expenses. The Peoria, Illinois-based company also cut its 2015 sales forecast by about $1 billion, to $48 billion, citing "challenging marketplace conditions in key regions and industry sectors." 

The stock has tumbled 29% this year to $65. Its second-quarter sales in Latin America fell 26%, driven down by weak construction activity in Brazil. A plunge in that country's currency, the real, took an additional toll.

"We have to manage through what can be considerable and sometimes prolonged downturns," Chief Executive Officer Doug Oberhelman said in a Sept. 24 statement. 

Rachel Potts, media relations manager for Caterpillar, declined to comment further. 

Barclays analyst Robert Wertheimer wrote in a report last week that emerging-market sales for machinery makers could fall as much as 40%. China's slowdown and oil-price volatility have had a "chilling effect" on national budgets in emerging markets; in Brazil, construction related to the Olympic Games next year is fading, he wrote. Venezuela is under stress due to currency depreciation and falling crude prices. 

At Caterpillar's power-generation business, "currency and economic strain across emerging markets will presumably make the next year or two difficult," Wertheimer wrote. 

Societe Generale analyst Henry Kirn cut his target price on the stock to $78 from $104 on Sept. 25, saying the company was making the right moves for the long term, but that the near-term outlook was weaker than he had expected.

"Clearly over the next few quarters, there are headwinds from emerging markets that will lead to weaker sales and growth rates across the board for the industrials universe," Kirn said in an interview.