Yesterday, we got some hints that Caterpillar (NYSE:CAT) may not see the revenue investors had hoped for and today the news dropped. Second-quarter revenue fell 3.2% to $14.15 billion, below an already depressed Wall Street estimate of $14.31 billion.

The good news is that costs were kept under control so profits were up 4% to $999 million, or $1.57 per share. After pulling out restructuring costs, earnings were $1.69 per share, $0.16 ahead of estimates.  

Shares were down almost 3% as of 11:30 a.m.

Mining, particularly in Asia, continues to be depressed for Caterpillar and there doesn't seem to be any end in sight to the business' struggle. As a result, management lowered full-year guidance from $56 billion +/- 5% to $54 billion to $56 billion. But once again costs are under control and earnings per share guidance was increased by a dime to $6.20 per share.

Caterpillar is running into macroeconomic trends that are reducing demand, but management has adjusted well to keep profits up. That ability to react is why investors should look at today as a buying opportunity. Demand will eventually return and when it does Caterpillar will be prepared to take advantage.