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Caterpillar Inc. (NYSE: CAT), Peoria, IL, reported sales for the first quarter of $9.5 billion, a decrease of 25.5 percent year-over-year. Profit for the quarter decreased to $271 million, compared to $1.2 billion the prior year.
“While first-quarter results were about as we expected, sales and profit were well below the first quarter of 2015," said CEO Doug Oberhelman. "Sales declined across the company with substantial reductions in construction, oil and gas, mining and rail."