Caterpillar said its second-quarter 2017 sales and revenues of $11.3 billion, compared with $10.3 billion in the second quarter of 2016. Second-quarter 2017 profit per share was $1.35, compared with $0.93 per share in the second quarter of 2016.
Excluding restructuring costs and a gain on the sale of an equity investment in IronPlanet, second-quarter 2017 adjusted profit per share was $1.49, compared to second-quarter 2016 adjusted profit per share of $1.09.
Caterpillar’s financial position continued to strengthen. Machinery, Energy & Transportation (ME&T) operating cash flow was $2.0 billion during the quarter, and ME&T’s debt-to-capital ratio improved to 38.6 percent, compared with 41.7 percent at the end of the first quarter of 2017. In June, the company announced a quarterly cash dividend increase and ended the quarter with an enterprise cash balance of $10.2 billion.
“Our team delivered an impressive quarter. As demand increased, we continued to control costs and generated higher profit margins,” said Caterpillar CEO Jim Umpleby. “While a number of our end markets remain challenged, construction in China and gas compression in North America were highlights in the quarter. Mining and oil-related activities have come off of recent lows, and we are seeing improving demand for construction in most regions.”