Caterpillar announced first-quarter sales and revenues of $13.24 billion, down 1.19% from $13.4 billion in the third quarter of 2013.

Resource Industries, which includes mining equipment, sales and revenues in Q1/14, were $2.12 billion, down 29% from $3 billion a year earlier. Construction Industries sales and revenues in Q1/14 were $5 billion, down 8% from $5.44 billion in Q3/13.

The company said that while its revised 2014 outlook for sales and revenues remained unchanged overall, the company’s expectations for Construction Industries have improved, and expectations for Resource Industries have declined. It expects sales and revenues to total $56 billion.

“Given the business and economic uncertainties around the world and continuing decline in our mining sales, I am pleased with our performance in the first quarter,” said Caterpillar chairman and CEO Doug Oberhelman. “We understand we don’t control the economy and have instead focused on what we can improve. We’re lowering costs, improving cash flow and driving value for our customers through the continued deployment of our lean manufacturing initiatives. We see the benefits of these actions in our first-quarter results and in improving market position for many of our products.”

Though expectations for Resource Industries have declined, Caterpillar expects Construction Industries’ sales will increase about 10% from 2013, doubling the previous expectation of a 5% increase.

“Despite prospects for improved economic growth and continued strong mine production in 2014, the company expects Resource Industries’ sales to be lower than previously anticipated,” Caterpillar’s report noted. “Resource Industries’ sales are now expected to be down about 20% from 2013. The previous outlook expected a decline of about 10%.”

The decline in expectations is a result of continued low order rates for mining equipment. The company expects mining orders will begin to improve at some point, but not likely in time to increase Resource Industries’ sales in 2014. But while the outlook reflects continued short-term weakness in Caterpillar’s mining-related sales, the company remains positive on the long-term prospects for the mining industry, according to the report.

To read the entire Caterpillar news release, click here.