Caterpillar reported Q4/16 sales and revenues of $9.6 billion, which was down 12.7% from the $11.0 billion recorded in Q4/15.

In North America, sales decreased 13.5% compared to the same period last year. Caterpillar noted the sales decline was due primarily to lower end-user demand. Sales were also depressed across most of Caterpillar’s segments, including Energy & Transportation (down 11% in North America and 15% overall), Construction Industries (down 16% in North America and 8% overall) and Resource Industries (down 24% In North America and 23% overall).

“Our results for the fourth quarter, while slightly better than expected, continued to reflect pressure in many of our end markets from weak economic conditions around much of the world,” said Caterpillar CEO Jim Umpleby. “Our team did a great job in the quarter, as they have all year, aligning our cost structure with current demand while preserving capacity for the future. I’m confident we are focusing on the right areas: controlling costs, maintaining a strong balance sheet and investing in the key areas important to our future.”