Caterpillar’s outlook dims on mining investment drop-off

Apr 23, 2013 | 04:49 PM | Corinna Petry

Tags  Caterpillar Inc., business outlook, mining investment, drop-off, mining equipment sales, coal, natural gas, Mike DeWalt Doug Oberhelman

CHICAGO — Caterpillar Inc.’s resource industries group saw sales decline in the first quarter as mining investment growth slowed worldwide and North American utilities continued to adopt natural gas as a fuel.

"Almost all the decline we saw was in North America, where coal mining has been down" and exports have reached "record" levels amid a weak domestic market, corporate controller Mike DeWalt said during an April 22 earnings call.....

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