Caterpillar reported a steep drop in 2nd quarter profits on Friday, July 31, amid weak demand from industrial clients and said its overall outlook remained clouded by the coronavirus.
The company, which withdrew its full-year projection in March at the height of coronavirus lockdowns, said there are still too many unknowns to reinstate a forecast. Revenues fell in all 3 of Caterpillar's divisions, which manufacture machines for the construction, energy, and mining industries.Umpleby told analysts that based on current interactions with customers, sales trends in the 3rd quarter were on a similar track to those in the 2nd quarter.
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