first-quarter results

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.