The good news: Profits were up. The company announced a profit per share of
The bad news: Sales for the quarter were down, from
"We increased the bottom line despite a weak quarter for resource industries segment, which is principally mining," said
"Three key things are contributing to the continuing strength of our financial results -- the diversity of our businesses, substantial success in operational improvements through the execution of our strategy and the strength of our cash flow and balance sheet."
Meanwhile, the profit outlook for 2014 was raised from
"The mining companies are working off excess inventory right now. It will turn around. We'll see replacement demand," said group president and Chief Financial Officer
"But it won't turn around this year. We think it's bottoming out but we'll call that when we see it.
"We're committed to the mining industry as strongly as ever. If the middle class is going to grow around the world, mining will be needed. With a demand for energy, it's a great industry to be in. We're just in a bubble right now."
"Last quarter, the company was down almost 40 percent in its mining business. Construction can't make up for it all," she said.
Duignan said the mining slowdown could remain for one or two more years.
Pointing to a strong balance sheet,
- "Rewarding stockholders is an important goal and our actions demonstrate our commitment," noted Oberhelman
Stockholders aren't the only ones who will be rewarded by company actions, said
"This will be a good year for (corporate) employees, too. Corporate-level incentive pay will go up substantially this year over last," he said.
There might be fewer employees receiving that compensation, however. The number of full-time employees at
"The employment drop is part of the restructuring effort. As for next year, we will issue a sales outlook in October that will offer a better picture," said Halverson, adding that the number of employees could rise if action was taken in
"Employment would go up with (the passage of) a infrastructure bill. When it comes to infrastructure -- the repair of our roads and bridges -- everyone knows we need a long-term solution. Why don't we have one?" said Halverson, adding government needs to take action on bills that can produce jobs.
Along with the roads, the nation's tax system also is in need of repair, he said.
"We're proud to be an American company, a global company. But we need to be competitive outside
The fact that countries like
"It discourages investment in this country," he said.
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