While second quarter sales and revenue at Caterpillar were down slightly compared to last year, profit was up.
Cat reports profit per share of $1.57 this second quarter, compared to a $1.45 the same period last year. Sales and revenue totaled $14.1-billion, down a half-billion dollars from last year.
"We've got a diversity of businesses we serve," Caterpillar spokesperson Rachel Potts tells 1470 & 100.3 WMBD. "We really did well on operational excellence this quarter. We've got good cost control. Our employees and our teams around the world are focusing on that."
Potts says the bottom line went up despite a weak quarter in the mining industry. But, the company is now tightening its year end outlook by around two-billion dollars, to the $54-to-56-billion range.
"We do, perhaps, see a slight lowering in the construction industry in developing countries throughout the world during the second half of the year," Potts says.
Still, finances are in such good shape Caterpillar is buying back $2.5-billion worth of stock during the third quarter.
"We have a strong balance sheet, great cash flow, significant cash on hand," Potts explains. "It makes sense right now to reward our stockholders."
This repurchase is part of the $10-billion stock repurchase authorization previously approved the Caterpillar's Board of Directors during the first quarter.