I of the comment Jim morning and cash begin we're our our competitiveness well on results and quarter our a to you actions update as will I the improve profitability. a third flow. liquidity and with second position taking quarter brief Then review Thank good on will with ending as before everyone.
and As per a down million. billion. the including X, profit share the to Operating to $X.XX declined second XX% you pension XX% $XX quarter was share. decreased total can to remeasurement quarter slide Profit per of see for $XXX sales by per for $X.XX on loss by XX% revenues share
to Sales less largely was This volume. we users were a by declined quarter's driven top bottomline of which XX%, had by anticipated. decline and than results
and used the equipment However, expected. anticipated were less also inventory more their by down declined this on impact dealers original than Services a because reduce to as had levels than we reported they minimal had sales. but sales opportunity revenues revenues
movement declined volume decline The the decline. approximately in slide in $X.X dealer of billion second billion volume see you was $X.X billion end-user reflected by a billion, reduction sales inventory. As on demand quarter and in $X.X X, which $X
dealers As industries. were decreased in this million construction $X.X mentioned, Jim segments pronounced and industries an year's resource the compared billion Volume increase declined of $XXX in quarter. with in quarter but inventory by prior all most
was While combination Australian price was movement geographic in fell dollar low and of changes Compared end competitive pattern. backlog construction year normal all decreased were lowered decreases were the $XXX sales by industries a mix with industries. about declined The by the sales in It drove by million. $X.X transportation. segments. by backlog negative and primary pressures in and which The North $XXX currency energy realization the XX%. billion Price America first billion regions driven quarter, Brazilian construction million. continued Real three the led following of adverse the declines in by primarily with the our all $X a of ago since Order seasonal and by
short-term were year's and costs, unfavorable with expenses reductions than quarter Moving announced volume we offset basis SG&A second along the decline action manufacturing costs March lowered realization. the Lower price Operating for by operating side $X.X the X. margins incentive The payments. that fell to our again to manufacturing more million. profit. by R&D XXX in XX% Operating billion $XXX decrease other This drove cost We decreased suspending quarter. in the points. this profit
decrease $XXX to SG&A that about the With and was comparison, spend to million. slowdown to of quarter. travel of second note reductions decline. the expense of the in due in activity incentive discretionary of portion R&D the in as remaining it A the important For regards quarter the was compensation incentive major is driver the compensation such due was to XXXX
greatest on individual have actions Starting to prioritize long-term the on continue cost taken specific slide I opportunity projects the for certain we second spending profitable have While XX, the segments our those drive results been quarter. will to that discuss growth.
rail at and applications. $X.X Transportation industrial declining to power gas of with across XX% Oil as traffic declines by in North all by lesser reduced sales for Second even lower sales XX% marine sales rate. in by driven activity. decrease declined declined all by by energy transportation, oil demand transportation relatively The with generation XX% sales regions. reciprocating declined gas engines and decreased lower quarter weak. America across demand billion sales and XX% regions a with and Industrial and remained was and
by was partly moment lower SG&A declined by volume and sales turbine The Power lower overall decrease offsetting story and by volume basis partly solar turbines XX% by well and services. expenses demand declines to as reasons sales mentioned operating XX% the for this the generation similar of a moderated to decline segment for power energy costs However, the with decreased The emergency R&D to XXX margin for and centers. data XX%. drove company million lower profit the as points offset higher $XXX transportation ago. is with related manufacturing as I
decreased side Construction to billion. second dealer industry Turning inventories drove Lower the and changes demand XX% in decrease. to $X quarter XX. the sales in from impact volume the end-user by
partially manufacturing sales and By as to price second were pipeline realization. of due price price realization pandemic currency activities. our mix profit in was of We and $XXX as unfavorable primarily did quarter and end-user a that in costs price decrease unfavorable North included savings. sales. XX% sales segment's The lower versus million. a to as combination was Asia-Pacific The declined realization We by America second from of driven XX% dealer a points impacts. influenced record realization impacts this the basis XX.X%. by sales quarter margin lower SG&A the offset construction changes higher largely including about China's region decreased in XXX also saw Lower by demand in flat segment's year. volume by decline unfavorable road and prior inventory profit offset unfavorable to mix The R&D XX% and geographic had the geographic
sales XX% to the ago from resource demand dealer industry while the quarter aggregate saw in increase a non-residential decline. low user As to XX, a inventories slide the degree. mining equipment in Dealers decreased the an compared decreased lesser We shown the last into and in with and machine comparative lower against year billion on applications quarter. by inventories quarter sales year. and quarry declined end Changes strong drove $X.X
that sales short-term quarter profit by manufacturing second in offsetting points the declined Industries margin term. decline power Resource by Our dealt and stayed partially quarter to customers volume the COVID-XX to has and long decreased with adjusted commodities. million. production cycle replacement overall [indiscernible] XXX expense. X.X%. medium in Profit something the disruptions on for reflected in due we to mining demand mining and for lower in low however XX% positive percentage impacts The to prospects lower address and the basis were The and remain weaknesses truck costs some favorable incentives
million. The lower to financing the in lower revenues decline rates to the by net declined. XX% led and XX. Profitability by purchase CAT and lower $XXX reflecting by volumes Financial $XXX asset Inc. to to base. quarter latter lower quarter lower due decreased as was average The yield second decreased XX% products the receivables earning in average Moving million assets. from slide
losses due the compared credit future by of to for provision with the increased on also impacts quarter credit first COVID-XX of have losses. XXXX We $XX expected million the
customers continue dealers these We our support challenging times. during to and
that for requests care reviewing call, told health we encouraging and programs payment and their entered slowed world a relief for It's we dramatically healthy new apply to payment that customer additional the of this see April. around process. simplified quarter's customers launched customers have through earnings key It that mentioned our worth in As the is indicators quarter. since loans. of We current streamlined relief you fairly last allow on most customer to on downturn
down X.XX% were dues first X.XX% past the in quarter This from quarter.
benefited due. considered loans that with quarter fact modifications the second are The not past from
will presume. be payments really as we their monitoring accounts So carefully these normal
compared the second June but Latin all the saw in XX% XXXX business first except as declined we an outperformed across to of quarter of America. quarter uptick XXXX by New volume compared to regions
continue solutions globe. provide teams qualify dedicated As to the around to customers financial
offset cash than which a cash holding bit machinery, an for line see supply spending the provided driven safety about of purchases in $X.X from accounts normally million for to the $XXX of in lower down stores in to capital This top Free to profit. the would this disruption. billion and work as the risk flow. the and process reduce payable and Turning a XXXX less working transportation declines. amount reduction was began quarter negative lower benefit decline substantial inventories other components are we component flow reduced energy by We profit. mitigate of quarter with billion we quarter about Caterpillar a was to in The an of total as was including to we such of in due $X.X
full XX. estimated to cannot COVID-XX turn be time. at this Let's The slide pandemic business impact our on of reasonably year the
So suspend of for share would the while we I third key it continue purposes for to to helpful quarter. few thought modeling thoughts a be our guidance, annual
in in to means expected As which that sales the normal third the lower Jim users we mentioned, total expect than quarter second to are seasonality quarter. be
inventory we to we be expect the the decline a in will in in third third Whilst bit last I talk the a and inventory to similar that the of quarter dealer expect saw level year expect in decline in second. third We we demand more moment. quarter saw we quarter percentage the in as deal about end-user around a
of we're material cost which reductions some the benefits in half the profitability, of starting terms lack to the began second of XXXX. In of now
our impact will Whilst it incentive amount low the margin. likely be a than the on gross in compensation negative the this second. have absolute dollar third will was in continue, the benefit quarter from will So
not improvement we the third quarter may versus second the an margins overall see in quarter. So in operating
dealer you full first Let half $X.X billion. their for on of me about by the our year update expectations In reductions. dealers also the give reduce an year, inventory inventories
the latest will and another reminder demand on Based their own independent by the will inventories reduction that is read in inventories. in second anticipate this a of in the businesses anticipate end-user to end-user their produce are enable to dealers us XXXX. similar reduction in billion line the with half that second their on we made dealers further year. $X they half reduce currently We That XXXX. of As manage demand
we As outlook. expect you typically on do, January be we able in to update XXXX our to
ended shared of share consistent dividends recommence as in this for XX At cycle this share cash enterprise our shareholders declared in liquidity in quarterly dividend all to and substantially $X.X slide free our to don't intention Investor with We and as allocation $X.X more aristocrat. to repurchase share billion year We flow May our shareholders by to proud and Turning of we status repurchases. capital We a date and quarter to we program our second returned Jim return repurchase dividend shareholders have and returned $XXX million combination in remain mid recently about program cash the position. In to expect including our we billion April Day to with our our the quarter. second cash. through repurchases our indicated XXXX the year. share suspended
$X.X short-term resources undrawn. facility. an revolving existing billion credit $XX.X liquidity remain as as well maintained we've of facility credit these incremental environment the Given Both billion our
$X.X status. no for bonds. available programs during billion foreseeable the States financial median funding issued in of to we with position. $X.X $X pension We and future billion and expect we've As In to July currently the $XX.X now mentioned supplement don't U.S. in plans the billion registered current in given billion billion last CAT machine contributions transportation to make maturities in and corporate quarter, We have due liquidity United energy term XXXX Canada long-term we support than issued debt discretionary in $X.X notes paper its further less and commercial XXXX. also
the of that we as or believe strength positioned sheet enables demand negative us we to through well into to manage cycle move to XXXX. balance We and either we our positive are comfortable in the changes are respond
the reached an our we profitability the You facilities start address a to will and Production and transitioned to which products. products certain in $XXX we $XXX close recall Germany. OPACC. Asia million facilities expected competitiveness. that be To in [indiscernible] customers manufacture Lunen agreement would including the challenge year estimated invest and improved will to competitiveness producing we of weren't improve to of will be placeholder our and in restructuring level million at million the Wackersdorf of $XXX These second end to long closer quarter its expense
Caterpillar in agreement AB we've $XXX In to solve prior to not the which are execution to and about million restructuring approximately We expected sales with or continue systems million taken compared from $XXX $XXX We for also million expense operating manufactures annual $XXX still to model. be in as year restructuring controls Any marine thus totaled reached an quarter a propulsion the and actions XXXX. drive second year’s lost expect this ships. propulsion the million the in quarter. far expense material we
quarter it in will but quarter. it than it be expense restructuring last We than higher the was be year expect was third the in to second lower slightly
XX turn today's and let's recap So finally points. key to slide
We customers our environment. continue we're in have our the position to strong a in ability and current confident financial global to serve
via customer to our by in shareholders inventories to dealers billion dealers this demand billion. over working year and $X.X expect with dividends and returned we reduce have date. $X year their buybacks the manage We're to We to
negative or In we produce in lean Our to to expect XXXX, remain factories demand. demand. remain to leveraging we and respond ready changes positive agile principles
operator to satisfying hand supporting With some for serve is excellence, Q&A all offerings. to start to of We our session. focused the Our expanded global I that, to over working needs we critical customers, the staying thank of and enabling on infrastructure, and while for safe employees transportation operational it remain will the continue and strategy services enabling energy. us essentials our the
