Caterpillar is guiding to largely flat sales in 2024 on the expectation the company’s dealers won’t expand their equipment inventories much this year after increasing them by $700 million in 2023. Caterpillar says flat inventories at dealers will be a “headwind” for the company’s sales growth in 2024. Caterpillar’s 1Q sales slipped 1% from the same quarter a year earlier, driven by 5% drop in construction equipment sales and 7% decrease in mining equipment. The declines were partially offset by a 7% rise in sales of engines for energy and transportation. Shares sink 7% at $337.66.