Caterpillar reported Q3/16 sales and revenues of $9.2 billion, which was down 16% from the $11.0 billion recorded in Q3/15.

“Economic weakness throughout much of the world persists and, as a result, most of our end markets remain challenged. In North America, the market has an abundance of used construction equipment, rail customers have a substantial number of idle locomotives, and around the world there are a significant number of idle mining trucks,” said Doug Oberhelman, Caterpillar chairman and CEO. “However, there were a few bright spots this quarter. Both the construction industry and our machine market position improved in China.  Most commodity prices, while low, seem to have stabilized. Parts sales have increased sequentially in each of the last two quarters. Our machine market position and quality remain at high levels and our work on Lean and restructuring are continuing to help us lower costs.”

In North America, sales decreased 20% due to lower end-user demand for infrastructure, continuing declines in mining and the impact of low oil prices. Sales were also depressed across most of Caterpillar’s segments, including Energy & Transportation (down 19%), Construction Industries (down 13%) and Resource Industries (down 25%).