Caterpillar’s revenue tanks 31% in the fiscal second quarter

Caterpillar (NYSE: CAT) published its quarterly financial results on Friday that came in stronger than what the experts had forecast. The company said that its dealer inventories declined by £1.07 billion in the second quarter. Prioritised spending and cost reduction, however, helped offset the decline. Shares of the company closed more than 0.5% up on Friday. At £101.50 per share, Caterpillar is currently more than 10% down year to date in the stock market after recovering from an even lower £70 per share in March. Caterpillar said last week that its CFO will participate in Jefferies industrial conference on 6th