Caterpillar posted sales of $16.7 billion in its second-quarter earnings report, a 4% decrease compared with $17.3 billion in the prior-year quarter. The company attributed the decline was primarily to lower sales volume, partially offset by favorable price realization.
Operating profit margin was 20.9% for the quarter, down from 21.1% a year ago. Adjusted operating margin was 22.4% versus 21.3% for the previous year. Operating cash flow was $3 billion, and Caterpillar said it ended the second quarter with $4.3 billion of enterprise cash.
“I’d like to thank our team for delivering another strong quarter, including higher adjusted operating profit margin, record adjusted profit per share and robust ME&T free cash flow,” chairman and CEO Jim Umpleby said in a statement. “Our results continue to reflect the benefit of the diversity of our end markets, as well as the disciplined execution of our strategy for long-term, profitable growth.”
Caterpillar doesn’t separate marine as a segment in financial reporting. Total sales and revenues for the quarter were $16.689 billion, a decrease of $629 million year-over-year, mainly driven by changes in dealer inventories.
Operating profit for the quarter was $3.48 billion, down $170 million year-over-year.
