reflecting profit turn you you, Thank walking X, results, And of to Slide segment by balance some to through margin the the noted, on by expansion sheets, start for Operating higher third by Jim the $XX.X I'll increased I'll second $X.X as good including XX% increased sales primarily quarter XXX%, on quarter. volumes. Then quarter volumes. second billion Jim. Beginning billion afterwards to color higher to due due everyone. the morning, performance. to and
percent to in sales our X% significantly rose quarter. with quarter XXXX. construction in and Non-residential up continues users per revenue quote XX%. more well. its last albeit users was Slide in than showed see XX%, North grew North segments, is $X.XX Adjusted for we America, $X.XX double-digits as Asia is growth Second by a primary resource rose the where percentage profit low reflecting users all for Residential higher strong Latin and $X.XX Sales to year. to with construction industries start good a Growth with three $X.XX low The first our compared basis compared was top-line share to results the sales by base. in doubled region, every with expectations. by the from we to in share in led sales quarter It line last growth also Growth Industries the in America region. increased Overall of up North continue on XX%, and XX%. profit Construction of the in was strong in America. strong by America America gains. of in base. well the and our largest as per industries. was robust, EAME. was discussed X And [Indiscernible] in EAME XX%, acceleration North construction to volume Sales Pacific America XX%. I'll Latin consolidated recovering very in be by
modest decline Asia-Pacific China. was a due in to lower
to In also mining upside territory, mentioned, as and rose second the that positive X% And about improved and sales to than the quarter in Jim Transportation, and expect As lesser Energy Jim due timing fact tougher with strong market industries earlier growth have a the large above resource reflecting flat. XX recover XXXX mentioned, China in in and from year gain. by to XX% the Chinese and the other E&T of last this a mining. segments leading still for another large industry other retaining the Overall, were remain in quarter. to equipment countries, started Sales Construction users encouraged extent Aggregates. to the year's despite last ton to users we sales of Demand Quarry users than excavator market we deals. to in impacted about by increased year comparative. potential Heavy
to Now, Slide and the reflected profits $X.X primary by billion. high higher XX. XXX% turning was to our restoring to That The volume improvement first financial assumption to compensation short-term to increased profit impact offset Operating X in quarter strengthening price, partly segments, by of $X.X short-term the products. about expect compared favorable in our full-year billion. now results. million compensation. incentive We from The also was $XXX incentive our the about quarter for charge be raised reflect
$XXX now $XX had than we expect quarter, in We lower This around expenses ago. this year. year over expense, in million million $XXX a restructuring million restructuring
some Gas, discuss detail margin also quarter The to costs Transportation. operating a a full more profit impact Energy & points when Oil cover which had M&A-related bit XXX we rose in XX.X%. and including I'll SPM of basis We adjusted
in As selling, product common objectives. and our research the not These but general expenses administrative and help we key expected, customers services development and in as of investments investing increases such achieve development, growing incentive priorities, also impact reflected and their to compensation, rose. only
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strong. the from reduction lower production price We realization expected than were turned negative. while absorption margin costs freight as quarter said, and rates see did in we material As remain a a positive
year. as short-term $X.XX expense rate last about more in for However, global compensation $X.XX $X.XX in that pension remains share per tax quarter adjusted than second obligations that. $X.XX restructuring increase The offset of expense, of XX%. the settlement as of profit versus incentive of excludes of well the occurred restructuring
volume due a Industry. realization. er inventories. look take Slide in to driven by increased XX% segment with the higher primarily volume high from XX, starting by improvement sales to price to dealer billion, and in changes impact demand, and performance, Moving was end-user let's The $X.X Sales favorable at Construction
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continued and improvement regions. all up began to and we from Heavy improve. demand in improve, also we to Quarry Construction in As were expected, here. Aggregates and expect Sales continued mining End-user
dollar. reflect to points currency to by mostly parts. due operating were movements mainly the compensation prices volume, Second-quarter our million. dollar versus was to XXX%, to for in profit changes incentive increasing to by more of sales XX%. partially Australian was negative, basis The short-term $XXX Resource increase Price due increased U.S. by impact expense. Industries reduced margin the slightly for The These higher off-the-market than doubled, offset XXX denominated
remains that of part by SPM Profit Higher increasing XX. by remained $XXX regions. freight lower by quarter, sales first increased year-ago was on XX.X%. the With services will by this Transportation Slide engine to of by Gas. Power was marine XX% Financial expenses, to parts, by XX% impact. relatively of the & to for benefits to and the Products flat & engine for XX% some sales improvement sales. reflected from with incentive due on partially be on of gas, data the all sales regards X% off-the-market a due pleased billion. of segment's The SPM very across P&P sales offset $XXX driven of increased with due to We're do for compensation offset increase move million, XX% centers. E&T of to compared quarter basis and and XX, margins by The to higher quarter applications, to Industrial That forecasted large reciprocating at SPM acquisition, XXXX. Financial which were rail XX%, rose of Gas. provision synergies improved to and the increased we XX% it and as expect portfolio Slide increased be costs the which sales for The Transportation the volume, the $X reflecting about absence $XXX losses higher This sales addition a for factors, Oil Generation included million. a drag was full compared the revenue the in the increase we manufacturing was million, COVID-XX couple profit realized. to an Now the by first primarily Oil strong, acquisition, by related acquisition to Oil expect short-term the points oil margin modest credit Segment impact primarily demand reciprocating and take year-over-year by Energy see remainder to constant. XX% year-over-year the to sales increased & as to for largely operating including acquisition-related time year. XX profit CAT the by full Gas, On efficiency. higher come since in forward.
to due return And to we weighted a addition, In average favorable favorable from net assets from used for interest rate. equipment. higher yields benefiting and change higher impact repossessed earning a in had demand a average equipment,
quarter. applications down of portfolio dues strong to the X.XX% credit health customer the first indicators good positive. Our year-on-year second XX up X% basis X% compared to Past remains X% to to continued in remained to hold of as and points XXX down and a quarter. basis XXXX, well, quarter up compared improve compared shape points first as Credit the
business volume to America. led up, modifications by for Requests New to loan returned historical have trend trends. North continues
flow the and second The from XXXX. sequential quarter. profits the ME&T $X.X well supply Investor quarter $X.X cash increase XX. target demand flow We're free of reflects billion. benefiting to chain compensation ME&T as short-term for paying cash profit, last $XXX in ME&T $X in part second in we'll quarter billion the by flow of reflected billion inventory confident a Caterpillar higher in The and in Moving increase free to achieve and working strengthening XXXX, that absence free to $XXX the million of Day free end-user as Inventory incentive $X our in higher was year-to-date, cash in cash components slide in been flow ME&T billion inventory, our first offset process response million increases primarily year. has challenges. compared to
ME&T XXX% and We of strong it cash share will period combination to our initiatives ended continue returned said $XX.X to with cash that growth The said credit our free billion free In additional enterprise of and three acquisition. of and balance We've maintain return intend shareholders. flow to the fund on flow repurchases, mid-A do sheet our support years, substantially to all average, position ME&T cash. past reserving dividends mergers a we rating. we've shareholders of through Company a the solid of we cycles. through our that liquidity We've to the in
as about expect this We to a to announced common quarterly $XXX to by X% for a million dividend of status year. our we quarter. quarter, $XXX This quarter. shares million our our I'm dividend per is repurchased share, we'll we about another say aristocrat increase extend $X.XX happy which
We have share remaining the $X.X about billion authorization. current repurchase under
to continue half least in the offset dilution the repurchase We shares during absolute to issued from second shares expect year. at to and intend
As Jim to relating there's no our practice to guidance. change mentioned, current
we color upcoming the happen. give However, expecting to as providing to we're doing, are on we've a of you been sense quarter what
Again, achieve XX. compensation billion our short-term expect Slide $X.X Day we profit to headwind for for the margins. to Investor targets be XXXX, about reinstating That's XXX margins to program. pressure year operating Moving the on now incentive in or adjusted a of despite projected basis points of
stronger rate improvement We quarter imply. should expect sales higher to third growth nonresidential expect demand the sales users the than construction to seasonality the The in year, the to in be we should compared to residential In and than accelerate in quarter. current continue. continue rate would construction industries, XX% normal in we significantly prior saw when and
and discussed tougher Quarry we Aggregates. Heavy support we see and Construction comparisons quarter, from Resource As mining see last both in Industries demands should and China. end-user
and expect on to Transportation increase demand. We Energy underlying also sales stronger
to expected good All in growth quarter, supply manage challenges. is to of while this volume we even lead chain the third
as mentioned benefit don't from make whilst a independent about As in expect XXXX. their own are quarter, we dealers you and today, inventory, told restocking we businesses last their decisions significant and Jim
the Third more year, strong stronger than from to the reinstating with offsetting compensation. quarter short-term than incentive margins be are of volume expected leverage impact prior
put headwinds second manufacturing cost third higher less of price currently positive. of moderate was offset costs expect geographic and mix geographic benefit. Within increases we benefits in quarter, to quarter reflecting will through positive, machines We did margins quarter, the which anticipate some realization. be versus in the second second a to price half second strongly we price mix the The the higher for see be we end XXXX. will strong Machines, of quarter, year. price In However, the at the as
accelerated normal. back lower and manufacturing Although our do will moderately first percentage take the of actions, see expect SG&A means pricing higher that in the year in did should also R&D We year, costs, half. half business margin in which as versus of the gross second half we gets be the spend the back to we
Energy the of expect within Specifically in year. Transportation, some margin the we headwinds half second and
we its lumpy a variability is structures as E&T and mix, particularly in across are revenue. margin recognized deals As applications, expect varying both larger business price into with
applications price In the are -- addition, did not we increases as of of E&T quarter. additional demand, in different many the put expecting experiencing levels through second
points, material than freight the continues offset and that basis costs compensation, headwind profit headwinds disruption means XXX margins the incentive for share driven supply to and to more profit in Adjusted increases which Demand higher growth. be XXX quarter, Slide short-term by material will In strong by XX. a for segment. operating on summary, than So volume strengthen the improved this volumes, headwind small Adjusted of basis more per inflation. nearly chain in the and cost quarter. doubled leading
cash we'll flow expect questions. to Day Investor free with that, We take targets. margin are confident markets And achieve in the EAME and and our outlook for your
