Caterpillar’s third quarter down on last year

Caterpillar has recorded revenues of US$ 11.0 billion for the third quarter of 2015 – a decrease of US$ 2.5 billion from the same quarter last year.

It claimed to have a “strong” balance sheet, which was “important in these difficult times”.

A company restructure in September, which saw more than 20 of Caterpillar’s facilities and over 10% of its manufacturing area put at risk, was expected to mean 2015 restructuring costs of about US$ 800 million.

The company has stated that the 2015 outlook for sales and revenues is around US$ 48 billion, which is unchanged from the outlook that was included with the September announcement of new restructuring actions. Sales and revenues in 2016 are expected to be around 5% lower than 2015, it said.

Doug Oberhelman, chairman and CEO, said, “The environment remains extremely challenging for most of the key industries we serve, with sales and revenues down 19% from the third quarter last year. Improving how we operate is our focus amidst the continued weakness in mining, and oil and gas.

“We’re tackling costs, and our year-to-date decremental profit pull through has been better than our target. We’re also focusing on our global market position, and it continues to improve even in challenging end markets. Our product quality is in great shape, and our safety record is among the best of any industrial company today.”