Caterpillar cuts full-year forecast, misses earnings

Apr 22, 2013, 8:32 AM EDT
Workers walk past Caterpillar excavator machines at a factory in Gosselies in this February 28, 2013, file photo.
REUTERS/Eric Vidal/Files

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 change came as the company, the world's largest maker of construction and mining equipment, reported a weaker-than-expected first-quarter profit.