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January 27, 2014 AT 4:53 AM
Caterpillar posted a stronger-than-expected quarterly profit on Monday as the world's largest mining and construction equipment company aggressively cut costs to offset continued sluggish sales of its earth-moving equipment. The Peoria, Illinois-based company, which also makes locomotives as well as diesel and turbine engines, reported a fourth-quarter profit of $1 billion, or $1.54 a share, up from $697 million, or $1.04 a share, in the fourth quarter of 2012. Revenue fell 10 percent to $14.4 billion.