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."
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The news came as the company, the world's largest maker of construction and mining equipment, reported a weaker-than-expected first-quarter profit.
(Reporting by James B. Kelleher; Editing by Maureen Bavdek)