Crawl at Caterpillar

Caterpillar cut its 2013 profits forecast yesterday as it posted disappointing results amid a drop in demand for heavy equipment from its mining customers. But Doug Oberhelman, its chairman and chief executive, said the mining sector has hit bottom and production was now expected to ramp up.

Caterpillar said first-quarter profit was $880m (£578m), down 45 per cent on a year ago. Sales fell 17 per cent to $13.2bn.