Caterpillar’s global sales fall 14%
Caterpillar said global sales of machinery by its dealers fell 14% for the three-month period ended in June.
The retail-sales update, which showed an even steeper drop from the 12% decline in its first-quarter report, came a day ahead of Caterpillar’s second-quarter earnings report.
Caterpillar, the world’s largest maker of construction and mining machinery, has, like the rest of the industry, faced a persistent slump in mining equipment, sluggishness in construction machinery in much of the world and a more recent slowdown in its most profitable business, engines used for such things as generating electricity, pushing gas through pipelines, running industrial machines and powering trains and ships.
For the three months through June, Caterpillar’s mining worldwide equipment sales declined 13%, led by a 38% drop in Latin America, according to a regulatory filing.
Global construction equipment sales dropped 16%, also lead by weakness in Latin America, where sales plunged 55%.
Energy and transportation segment sales declined 10%, driven by transportation equipment sales, which slumped 36%.