Slumping industrial giant Caterpillar has reported a 44 per cent drop in profits and again slashed its 2013 full-year forecast due to weakness in the mining sector.

The company, which sells machinery and engines to the construction, mining and petroleum sectors, said net income for the third quarter was $US946 million ($A976.72 million) on revenues of $US13.4 billion, down from the year-ago levels of $US1.7 billion on revenues of $US16.4 billion. That translated into earnings per share…