Caterpillar cuts 2016 sales, earnings outlook, posts lower first-quarter profit

(Reuters) - Caterpillar Inc. lowered its 2016 sales and earnings outlook and posted a lower first-quarter net profit on Friday as revenues declined in the company's construction, oil and gas, mining and rail business segments. The company said it expects 2016 sales in a range of $40 billion to $42 billion against a previously forecast $40 billion to $44 billion. Caterpillar now expects 2016 earnings per share at $3.00, or $3.70 per share excluding restructuring costs. The previous forecast was $