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Caterpillar Cuts Forecast on Decline in Sales to Mining

Caterpillar Inc., the largest maker of mining equipment, posted disappointing first-quarter earnings, cut its 2013 forecast and lowered “significantly” its outlook for demand from commodities producers.

Profit in 2013 will be about $7 a share, compared with a January projection of $7 to $9, the Peoria, Illinois-based Caterpillar said today in a statement. Sales will be $57 billion to $61 billion, compared with an earlier forecast of $60 billion to $68 billion. The shares rose after Caterpillar said it will resume its stock buyback program and Chairman and Chief Executive Officer Doug Oberhelman said the worst in mining may almost be over.