By JOSHUA FREED, Associated Press
MINNEAPOLIS (AP) — Caterpillar says its first-quarter net income shrank and it predicted smaller 2013 sales and profits because its mining business is slowing down.
The company's net income shrank 45 percent to $882 million, or $1.31 per share. Revenue fell 17 percent to $13.21 billion. Its profit and revenue were both smaller than expected by analysts surveyed by FactSet.
Peoria, Ill.-based Caterpillar Inc. makes construction and mining equipment — and sales of mining equipment are slowing down.
Caterpillar says it now expects revenue this year of $57 billion to $61 billion, and a profit of $7 per share. Previously, it had expected revenue of $60 billion to $68 billion, and a profit of $7 to $9 per share.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.