Caterpillar Inc. (NYSE: CAT) reported second-quarter 2016 results before markets opened Tuesday. The heavy equipment firm posted adjusted diluted earnings per share (EPS) of $1.09 on revenues of $10.34 billion. In the same period a year ago, the company reported adjusted EPS of $1.40 on revenues of $12.32 billion. Second-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.96 and $10.11 billion in revenues. The company’s adjusted EPS excluded second-quarter restructuring charges of $0.31 a share.

At the end of the first quarter, Caterpillar narrowed its full-year revenue estimate from a prior range of $40 billion to $44 billion to a new range of $40 billion to $42 billion. The company now expects revenues to be “closer to the bottom end of that outlook range” at $40.0 billion to $40.5 billion. Excluding restructuring costs, adjusted EPS are now forecast at $3.55, about the midpoint of the $3.00 to $3.70 range the company forecast at the end of the first quarter.

Restructuring costs, previously forecast at $550 million for the year, have been increased to $700 million, or $0.80 per share. The consensus estimates call for 2016 EPS of $3.52 and revenues of $40.11 billion.

CEO Doug Oberhelman said:

Despite a solid second quarter, we’re cautious as we enter the second half of the year.  We’re not expecting an upturn in important industries like mining, oil and gas and rail to happen this year.  We’re continuing significant restructuring plans, which are designed to bring our cost structure more in line with demand while maintaining our capability to quickly serve our customers when our business recovers.

There is little in this report that provides a strong signal to buy or sell the stock. The Caterpillar’s dividend yield of 3.88% has been maintained, but there is little else either in the results or the outlook for investors to cheer.

Caterpillar’s shares traded down about 1.4% in premarket trading, at $77.56 in a 52-week range of $56.36 to $81.38. Thomson Reuters had a consensus analyst price target of $68.47 ahead of the report.

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