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Caterpillar Inc. (NYSE:CAT)Heavy equipment manufacturer Caterpillar (CAT) has been hit hard by the slowdown in metals and mining this year. CAT stock is already off 7% in 2013, and more declines are in order going forward.

Four consecutive earnings misses tell you everything you need to know about Caterpillar, and three of those four were double-digit misses — proving that things are much worse than expected.

The global mining boom in the wake of the financial crisis helped power Caterpillar shares a few years ago, but the subsequent commodity crash thanks to a slowing China has made those mining sales dry up. And heavy infrastructure equipment just hasn’t been in demand as much, thanks to anemic spending on roadways, airports and other projects in Europe and America.

Until commodity prices firm up and until governments begin spending big on infrastructure again, don’t expect much out of CAT.

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