Caterpillar's second quarter sales and revenues declined 31 percent year-over-year, the company announced Friday.
The company's sales and revenues were $10 billion in 2020's second quarter, compared with $14.4 billion in the same period last year.
Peoria-based Caterpillar said the decline is due to lower sales volume, driven by reduced demand and decreasing dealer inventories.
Still, adjusted profits per share were $1.03. That beat analyst expectations for the company's second-quarter results. Caterpillar shares were up 1.7% in premarket trading.
"We are well positioned for these challenging times because of the successful execution of our strategy," Caterpillar chairman and CEO Jim Umpleby said in a statement. "We are focused on employee safety and maintaining a competitive and flexible cost structure while continuing to invest in services and expanded offerings to better serve our customers. We will adjust production as conditions warrant and are prepared to respond quickly to any positive or negative changes in customer demand."
The company ended the second quarter with $18.5 billion in available liquidity.
The earth moving giant is still declining to post a 2020 financial outlook, citing uncertainty caused by the COVID-19 pandemic. Nearly all of the company's primary production facilities remain open, though the company has laid off several waves of workers this year.
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