Caterpillar: Global Sales Fall 50% On Year In 3 Months To Oct
By Bob Tita, Of DOW JONES NEWSWIRES
CHICAGO -(Dow Jones)- Caterpillar Inc. (CAT), the world's largest manufacturer
of construction equipment by sales, said sales continued to tumble in October.
Worldwide machinery sales declined 50% in the three-month period ended in
October, compared with the same period a year earlier. Global sales were down
52% for the three months ended in September and down 48% in August.
Widespread sales weakness was seen across the company's geographic markets.
Three-month sales in North America were down 58% through October from a year
ago, while sales in Europe, the Middle East and Africa were down 53%. Latin
American sales fell 41% in October, the same rate of decline reported in
September.
In the Asia Pacific region, which the company expects to lead the recovery in
demand for equipment, October sales slipped 36%, slightly better than the 40%
decline reported in September.
Total engine sales dropped 30% in the October period from a year ago. Falling
sales were reported in all of the company's engine market segments, led by the
truck and buses market, where sales were down 63%. The Peoria, Ill., company
intends to exit the truck engine market at the end of the year. Petroleum market
engine sales, a key market for Caterpillar, were off 19% in October. In
September, petroleum market engine sales were down 13%.
Caterpillar's stock was down 2.7% at $57.82 a share in recent trade.
- -By Bob Tita, Dow Jones Newswires; 312-750-4129; robert.tita@dowjones.com
(END) Dow Jones Newswires
11-19-091014ET
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