Caterpillar posts worst machine sales since 2016
NEW YORK – In a further indication of the stress rippling through the construction and mining sectors, Caterpillar reported its biggest decline in global machine sales since the end of 2016.
The report underlines how the coronavirus outbreak is putting a drag on the industries that Caterpillar supplies. Fears about the virus’s impact on global growth have helped send shares of the economic bellwether down 38% this year, off to its worst start since 2009.
The downbeat mood in the industry permeated ConExpo, the largest construction convention in North America. In remarks at the Las Vegas gathering this week, Caterpillar CEO Jim Umpleby said the coronavirus hasn’t yet caused major supply snags, and the company was focusing on executing the plan set in place when he first took over as CEO.
But Umpleby didn’t offer much detail on how the worldwide move to stamp out the virus will change prospects for the business.
“Our guidance was based on the best information that we had at the time, and if we have any changes to that we’ll do it when we put out our first-quarter results,” Umpleby said in an interview.
In February, Caterpillar said its machine sales dropped 11% on a rolling three-month period. Isolating the Asia-Pacific region, the sales fell 17%, the largest drop in four years.
Oil and gas retail sales fell 3%, marking a sixth straight month of declines in the segment. CFO Andrew Bonfield said Wednesday that oil-market tumult from the past week will impact the oil and gas business, but said that it’s still too early to tell how strong that may be.
Caterpillar fell 8.4% to $92.26 Thursday in New York, the lowest close since March 2017.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
