Caterpillar Global Retail Sales Down 48% In 3 Months To Aug
September 21 2009 - 10:20AM
Dow Jones News
Caterpillar Inc. (CAT) said Monday that global machinery sales
through retailers fell 48% in the three months to end August,
compared with year-ago data.
The retail sales' trend was flat with the prior month, and
though the North American market ticked up, Asia-Pacific, Latin
America and Caterpillar's rest-of-the-world segment all suffered
sequential declines.
The U.S. heavy equipment maker had already warned that the third
quarter would be its weakest of the year as dealers hold off
ordering new equipment to eliminate an estimated $1.5 billion of
inventory built up during the second half of 2009.
Caterpillar said in August that it anticipated widespread
temporary layoffs and rolling factory shutdowns to lower machinery
production.
Engine sales through its global dealer network were down 27% in
the three months to Aug. 31.
Caterpillar shares were recently trading down 2% at $52.34.
-By Doug Cameron, Dow Jones Newswires; 312-750-4135;
doug.cameron@dowjones.com