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News Summary: Caterpillar 1Q profit shrinks

The Associated Press

MINING SLOWDOWN: Mining customers who ordered lots of gear from Caterpillar last year are cutting back this year, cutting into profits and the earthmover and construction equipment company.

2013 OUTLOOK: Both sales and profits will be lower than it had predicted previously. In response, Caterpillar is cutting costs by laying off workers and tamping down spending.

BRIGHT SPOTS: Caterpillar says the U.S. housing market appears to be picking up, and sales in China rose in the first quarter.