VIRGINIA: Caterpillar Inc yesterday reported a net income of US$494 million in the first quarter of this year, down from a revised US$1.7 billion a year ago, as revenues declined in the company’s construction, oil and gas, mining and rail business segments.
The world’s largest heavy machinery manufacturer lowered its forecasts for the full year of 2016, saying it has to focus mainly on keeping costs down and defending its share of the global market.
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