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Caterpillar cuts full-year 2013 outlook

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NEW YORK (MarketWatch) -- Caterpillar Inc. CAT +0.90% said Monday its first-quarter profit dropped to $880 million or $1.31 a share, from $1.59 billion or $2.37 a share, in the year-ago quarter. The equipment maker's revenue dropped to $13.21 billion from $15.98 billion. Wall Street analysts expected the company to earn $1.36 a share on sales of $13.8 billion. Looking ahead, the company cut its 2013 outlook for EPS to $7 at the middle of the sales and revenues outlook range, from $7-$9 a share, and sales revenues to $57 billion - $61 billion from $60 billion - $68 billion. "In China, first quarter economic growth was slightly less than many expected, but in our view, remains consistent with slow growth in the world economy," said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman. Caterpiller shares were down 0.5% in premarket.