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Caterpillar sales continue to decline

cm20160822-42287-34491The world’s largest maker of construction and mining equipment, Caterpillar, reported for the 45th consecutive month that rolling global retail machine sales fell, led by declines in Latin America.

Total machine sales reported by dealers fell 17% in the three months through August from a year earlier, which compares with a 19% drop in the quarter through July, the Peoria, Illinois-based company said.

Caterpillar sales are declining as miners scale back spending amid sluggish commodity demand and slower growth in global markets. Retail machine sales reported Wednesday fell in every region except Asia-Pacific, where they increased 2% in the August period, the first positive reading since November 2012. Sales there were down 7% in July.

Sales at Latin America dropped 35% in the August period after plunging 43% in July, while sales in North America were down 21 percent in August. Sales in Europe, Africa and the Middle East fell 12% in August.

Caterpillar rose 1% to $82.53 at 10:53 a.m. in New York, compared with a 0.4% increase in the Dow Jones Industrial Average. Cat’s shares have climbed 22% this year.

 

 

-Bloomberg

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