UPDATE: Caterpillar Global Retail Sales Down 48% In 3 Months To Aug
21 Settembre 2009 - 6:39PM
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 excess inventory.
"Cat's early cycle businesses are showing signs of stabilization
at low levels while late cycle businesses continue to be volatile,"
said JPMorgan analyst Ann Duignan in a research note.
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 1% at $52.87 after
recouping some of their earlier losses.
-By Doug Cameron, Dow Jones Newswires; 312-750-4135;
doug.cameron@dowjones.com