Sales and revenues for the quarter were down primarily due to lower physical sales volume. Cat said truck and bus engine sales rebounded strongly and sales to heavy construction were up, partially offsetting sharp declines in electric power generation and coal mining.
"Business for the first half of the year has been extremely difficult, in line with our expectations," said chairman & CEO Glen Barton. "While overall economic indicators have been positive, the anticipated recovery in capital spending has yet to materialize."
Barton said Cat's diversity of products and services enabled it to remain profitable despite uneven recoveries and weak market conditions in many of the industries it serves.