Caterpillar Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total sales and revenues of $9,574 million compared with $11,030 million for the same period a year ago. Operating loss was $1,262 million compared with $175 million for the same period a year ago. Consolidated loss before taxes was $1,348 million compared with $247 million for the same period a year ago. Loss was $1,171 million or $2.00 per basic and diluted share compared with $94 million or $0.16 per basic and diluted share for the same period a year ago. Adjusted profit per share was $0.83 against $0.83 a year ago. Adjusted profit before taxes was $627 million against $646 million a year ago.

For the full year, the company reported total sales and revenues of $38,537 million compared with $47,011 million for the same period a year ago. Operating profit was $498 million compared with $3,785 million for the same period a year ago. Consolidated profit before taxes was $139 million compared with $3,439 million for the same period a year ago. Loss was $67 million or $0.11 per diluted share compared with profit of $2,512 million or $4.18 per diluted share for the same period a year ago. Net cash provided by operating activities was $5,608 million compared with $6,675 million for the same period a year ago. Capital expenditures - excluding equipment leased to others was $1,109 million compared with $1,388 million for the same period a year ago. Expenditures for equipment leased to others were $1,819 million compared with $1,873 million for the same period a year ago. Adjusted profit per share was $3.42 against $5.35 a year ago. The decrease was almost entirely due to lower sales volume, resulting from lower end-user demand attributable to continued weak commodity prices globally and economic weakness in many countries. Although some commodity prices improved in the fourth quarter of 2016, the improvement was too recent to significantly impact sales for the quarter. Sales for new equipment declined, while aftermarket parts sales were about flat. The unfavorable impact of price realization also contributed to the decline. Adjusted profit before taxes was $2,738 million against $4,516 million a year ago.

For the quarter, the company reported goodwill impairment charge was $595 million.

The company revised earnings guidance for the full year of 2017. The company expectations for 2017 are similar to those shared with investors in early December 2016. At that time, the company believed the analyst consensus for 2017 sales and revenues of about $38 billion was a reasonable midpoint expectation. The company expectations for sales and revenues in 2017 are now slightly lower due to the strengthening of the U.S. dollar over the past two months, and as a result, current outlook for sales and revenues in 2017 is a range of $36 billion to $39 billion with a midpoint of $37.5 billion. The company expects profit per share of about $2.30 at the midpoint of the sales and revenues outlook range. Excluding restructuring costs of about $500 million, the company expects adjusted profit of about $2.90 per share at the midpoint, which reflects decremental operating profit pull through of about 30% from 2016. The tax rate is expected to be about 27% in 2017.