Caterpillar Inc misses, cuts outlook on weak mining sales
CHICAGO, April 22
CHICAGO, April 22 (Reuters) - Caterpillar Inc cut its full-year outlook for 2013 on Monday to reflect a drop in demand for heavy equipment from its mining customers.
The Peoria, Illinois-based company said it now expects to a report a profit of $7 a share on sales of $57 billion to $61 billion in 2013. That was down from a previously estimated profit of between $7 and $9 a share on sales of $60 to $68 billion. The company said the cut was necessary "because our expectations for mining have decreased significantly."
The news came as the company, the world's largest maker of construction and mining equipment, reported a weaker-than-expected first-quarter profit.