By James R. Hagerty
Caterpillar Inc., still struggling with a plunge in demand for
mining equipment, reported that world-wide sales of machinery by
its dealers in the three months ended Feb. 28 fell 8% from a year
earlier.
That equaled the decline recorded for the three months ended
Jan. 31.
Sales of "resource industries" machinery, mainly used for
mining, were down 37% in the latest three months. Mining companies
have slashed their equipment budgets over the past two years in
response to weaker commodity prices. Sales of construction
equipment were up 9%, however.
Caterpillar said sales of energy-and-transportation
equipment--which includes a wide variety of engines used in energy
production and power generation, along with marine and train
engines--rose 2% from a year earlier.
Write to James R. Hagerty at bob.hagerty@wsj.com
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