Caterpillar Inc. intends to make more job cuts in 2016 as global sales continue to stall.

The job losses keep coming at Caterpillar, Inc. as the company is planning additional layoffs this year.

The Peoria-based heavy equipment manufacturer announced last week the need for more job cuts following a disappointing second quarter report released July 26. Those cuts will be happening at facilities around the globe.

The company announced a profit per share of $0.93 for the second quarter of 2016, a decrease from $1.31 per share in the second quarter of 2015. Excluding restructuring costs, profit per share was $1.09, down from $1.40 per share in the second quarter of 2015. Second-quarter 2016 sales and revenues were $10.3 billion, down from $12.3 billion, or 16 percent, in the second quarter of 2015.

Caterpillar officials stated in a release layoffs are the main reason for increasing restructuring costs.

The company has been cutting jobs — including many in the Central Illinois region — over the past two years as part of a global restructuring plan.

However, Caterpillar stated those restructuring costs were originally expected to be about $550 million, but more recent estimates bring that number up to about $700 million.

And global economic growth and turmoil has led to lower sales. The latest projects for 2016 are estimated between $40 billion and $40.5 billion, according to CAT officials.

Still, company officials remained optimistic about the longterm picture, despite reports from some outlets.

“I’m pleased with our financial performance and focus on our long-term strategy given the difficult economic and industry environment we’re facing. Our goal when sales decrease is to lower costs so the decline in operating profit is no more than 25 to 30 percent of the decline in sales and revenues. For the quarter, our decremental operating profit pull through was better than our target range,” said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman.

“Together with our dealers, we’re having success managing through the downturn in industries like mining and oil and gas, and in sluggish economic conditions in much of the developing world. In what is likely to be our fourth down year for sales and revenues, we’re proud of what we’re accomplishing – our machine market position has increased, including in China, product quality continues to be at high levels, and the safety in our facilities is world class,” said Oberhelman.

— CAT plans for more job cuts —