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Why Caterpillar Earnings Won’t Excite Investors

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...