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This Thursday, Feb. 28, 2013, file photo shows a parking lot at Caterpillar Belgium, in Gosselies, Belgium. Caterpillar Inc. reports quarterly financial results before the market opens on Wednesday, July 24, 2013. (AP Photo/Yves Logghe, File)

Caterpillar 2Q profit falls 77 percent; cuts outlook

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PEORIA, Ill. (AP) — Caterpillar says its second-quarter profit fell 77 percent as dealers cut inventories more than it had anticipated and the company cut its profit and revenue outlook for the year.

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The world's largest maker of construction and mining equipment is reporting earnings of $960 million, or $1.45 per share, compared with $1.7 billion, or $2.54 per share a year ago. Revenue slid 15.8 percent to $14.63 billion.

That's well short of Wall Street's expectations. Analysts surveyed by FactSet had expected a profit of $1.69 per share on revenue of $15.09 billion.

The global mining industry is slowing because of slower growth in China and slower demand for mining gear.

Shares of Caterpillar Inc. fell almost 2 percent in premarket trading Wednesday.

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