Caterpillar outlook mixed

ELMHURST, ILLINOIS - APRIL 24: Caterpillar earth moving equipment is displayed at Patten Industries on April 24, 2006 in Elmhurst, Illinois. Heavy equipment maker Caterpillar reported first-quarter earnings higher than forecasted at $840 million, up 45 percent from $581 million during the same period in 2005. (Photo by Scott Olson/Getty Images)
Scott Olson

Washington 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.