Caterpillar Cuts Forecast After Sales Fall
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Caterpillar Inc., the biggest maker of construction and mining equipment, cut its 2013 sales and profit forecast and said revenue will be little changed next year after a slump in orders from commodity producers.
Earnings will fall to about $5.50 a share on sales of $55 billion this year, the Peoria, Illinois-based company said today in a statement. In July, it forecast per-share profit of about $6.50 on sales of $56 billion to $58 billion.