Caterpillar reports drop in sales and profit for first quarter
Caterpillar is reporting declines in sales and profit for the first quarter of this year. The company says it earned 880-million dollars. That’s a 45-percent decrease from the first quarter of last year. Cat also saw a 17-percent drop in sales and revenues. The declines don’t come as a surprise to the company as Caterpillar officials predicted challenges in its year-end 2012 financial release. That’s as demand for mining equipment has slowed.
Cat has revised its outlook for this year. Sales and revenues are expected to be between 57 and 61 billion dollars. It’s predicting a profit per share of about seven dollars. The previous profit per share was expected to be between seven and nine dollars.