Caterpillar Inc. today announced a second-quarter profit of $710 million, or $1.16 a diluted share, a decrease from $999 million, or $1.57 a share, in the same quarter last year.
Excluding restructuring costs, profit per share for the quarter that ended June 30 was $1.27, down from $1.69 in the 2014 quarter.
Second-quarter 2015 sales and revenue totaled $12.3 billion, down 13 percent from $14.2 billion a year earlier.
“Our Caterpillar team continues its track record of solid operational performance in the face of difficult conditions in several of the key industries we serve,” Caterpillar chairman and CEO Doug Oberhelman said in a statement.
“Because we serve cyclical industries, we focus intently on operational execution and cost control,” Oberhelman said. “This is particularly important when sales decline; our goal when sales decline is to manage costs so the decline in operating profit is less than 30 percent of the decline in sales and revenues. We did much better than that in the second quarter. We’ve achieved that by closely watching costs, the restructuring we’ve done over the past two years and the work done by Caterpillar employees across the world who are proving we can excel in this challenging economic environment.”
“Our focus during these challenging times is on operational execution and customer success through efforts like lean management and our across-the-table initiative with dealers, while also investing in tomorrow through new technologies, innovation and data analytics — both within Caterpillar and by partnering with and investing in other companies.”
The 2015 outlook for profit per share is unchanged at $4.70, or $5, excluding restructuring costs. The outlook for 2015 sales and revenues is about $49 billion, which is down $1 billion from the previous outlook.