- Q2 EPS $1.57 vs $1.45 prev in Q1
- Q2 adj EPS $1.69 vs %1.52 exp
- net income $ 1.076 bln vs $935 mln exp
- Q2 sales $14.15 bln vs $14.46 bln exp and $14.62 bln prev
- announces $2.58 bln stock buy-back
- sees FY EPS $5.75 and adj $6.20
- sees FY sales between $54-56 bln
They add that they:
- have not seen signs that an upturn in mining is going to occur this year
- expect construction industries’ sales in H2 to be lower than in H1 in developing markets
- expect China’s construction equipment industry to continue to be weaker in H2 and down 10% for FY
Says CEO Doug Oberhelman:
We’re pleased with our second-quarter results, particularly the improvement in profit. We increased the bottom line despite a weak quarter for our Resource Industries segment, which is principally mining.
Three key things are contributing to the continuing strength of our financial results—the diversity of our businesses, substantial success in operational improvements and the strength of our cash flow and balance sheet
The US giant posting better than expected results and sounding upbeat yet still rightly cautious moving forward
Full report here and CFO Halverson discussing the results in a video here.