The mining and construction equipment giant saw its profits fall 20% to US$1.23/share in the December quarter, affiliated publication Mining Journal reported.

Sales and revenues for the full-year 2014 were US$55.184 billion, down slightly from US$55.656 billion in 2013. Profit per share was US$5.88, up from US$5.75/ share in 2013. Excluding restructuring costs, 2014 profit per share was US$6.38, up from US$5.97/share in 2013.

“The recent dramatic decline in the price of oil is the most significant reason for the year-over-year decline in our sales and revenues outlook,” chairman and chief executive Doug Oberhelman said.

“In addition, with lower prices for copper, coal and iron ore, we’ve reduced our expectations for sales of mining equipment. We’ve also lowered our expectations for construction equipment sales in China. While our market position in China has improved, 2015 expectations for the construction industry in China are lower.”