Sales totalled $14.15 billion, down from $14.62 billion a year ago, and below the FactSet consensus of $14.45 billion.
We’re pleased with our second-quarter results, particularly the improvement in profit. We increased the bottom line despite a weak quarter for our Resource Industries segment, which is principally mining,” said Doug Oberhelman, Caterpillar Chairman and CEO.
“Three key things are contributing to the continuing strength of our financial results: the diversity of our businesses, substantial success in operational improvements through the execution of our strategy and the strength of our cash flow and balance sheet.
“Our Construction Industries and Energy & Transportation segments continue to improve. Construction Industries had a good quarter with sales up 11% and operating profit up 83% from the second quarter of 2013. The improvement in Construction Industries, along with sales stability and record profit from Energy & Transportation, has helped us improve profit despite the downturn in the mining industry.”
The company is now tightening its sales outlook for 2014 to a range of $54 billion-$56 billion, from a prior outlook of $56 billion, plus or minus 5%. but it is raising its per-share earnings outlook to $5.75 a share from an earlier $5.55. Excluding restructuring costs, the full-year outlook is for $6.20 a share.
