Caterpillar Inc reported a 75% decrease in the operating profit of its Resources Division when it announced its second quarter results today. Caterpillar is regarded as a bell weather company for the mining sector and it reported a significant decline in equipment sales. "Resource Industries' sales were $2.241B in the second quarter of 2014, a decrease of $894M or 29%, from the second quarter of 2013. Sales declined in all geographic regions primarily due to lower end-user demand partly offset by favourable changes in dealer inventories," the company said in its results statement.
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