Caterpillar announced today its sales and revenues in 2015 came in 15 percent lower than 2014.
The company reported 2015 sales of $47 billion dollars. That’s a more than $8 billion drop year-over-year.
2015 profit per share came in at at $4.64, compared to $6.38 in 2014.
Caterpillar CEO Doug Oberhelman points to low commodity prices and sluggish economic growth in developing countries for the decline.
Oberhelman said in a news release that despite the challenges and massive restructuring, the company is still quote “well positioned” and expects growth in the future "when markets rebound."
The company also reports fourth-quarter sales came in lower, at $11 billion. That’s down more than $3 billion compared to the previous year.