"With $11 billion coming off the top line, it has been a painful year and has required wide ranging and substantial actions across the company. Year-to-date, excluding the impact of inventory absorption, we've lowered costs about $700 million and reduced capital expenditures by about $400 million. We've continued to improve our operational performance this year, and it's unfortunate that the improvements we've made have been far overshadowed by the sales decline in mining. Safety levels in our factories continue to improve, and product quality is better — we see it in our metrics and are hearing it from dealers and customers. While our machine sales are down, in most industries, including mining, we're doing better than our competitors as a whole and that includes those in China. Our year-to-date sales in China are up, including an increase of almost 30 percent in the third quarter of 2013. Our balance sheet is the strongest in years; we're having a great year for cash flow; our debt-to-capital ratio is improving; we repurchased $2 billion of stock and raised the dividend 15 percent. In addition, our Power Systems segment has done a good job this year. It's our largest segment with sales and profit that has been relatively stable in 2013," said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman.