Caterpillar on Friday reported earnings that fell short of analyst expectations and lowered its midpoint 2016 revenue outlook.
The heavy equipment giant blamed a continuing slump in demand.
"We're close to the bottom or bottoming," Chairman and CEO Doug Oberhelman told CNBC's "Squawk Box." He said he hopes 2016 is the last down year.
Citing a bright spot, Oberhelman said: "We've seen actually an adjustment upwards in China in the first quarter, which is kind of nice. It's the first time we've talked about that in a couple [or] three years."
"China is stimulating and they've added a little debt to their GDP forecast," he said. "We're feeling some of that in large products. Hopefully that will be sustained; something they do throughout the rest of the year."