April 22, 2013
Updated Apr 22, 2013 at 9:38 PM CST
PEORIA, Ill. -- Caterpillar Incorporated is reporting a drop in profits and sales for the first-quarter of this year.
The company says profits fell 45 percent from last year while sales were down 17 percent.
The company posted a profit per share of $1.31 in the first quarter of
2013, down from $2.37 in the first quarter in 2012.
First-quarter sales and revenues were $13.2 billion, a decline from $15.9
billion in the first quarter of 2012. Profit was $880 million in the first
quarter of 2013, compared with $1.5 billion in the first quarter last year.
"Sales of the large mining trucks we have here in Illinois, off by about 50 percent, so that's a pretty significant decline again in that mining sector and that's a big part of what's driving some of the temporary layoffs and other actions we have taken," Caterpillar Spokesman Jim Dugan said.
Dugan does say that Caterpillar is optimistic about business in China and developments in the U.S. housing sector.