CHICAGO, April 22 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.