Caterpillar regional sales slip back in July
Middle East and Europe growth slows in July as North America slumps
Growth in the Middle East slowed in July for Caterpillar for the second consecutive month but the decline was far less than in North America where sales increases fell from 50% to 27%.
However continuing strong sales in Latin America helped the world’s largest machine maker to record its 15th straight three-month period of sales expansion.
Caterpillar is viewed as a bell weather for the US and the figures certainly reflect the slow-down in the economy and the subsequent decline in commercial and residential construction. The results were also coming against a good performance last year in North America, where sales grew in a three-month period for the first time since the downturn.
Cat said sales in Europe, Africa and the Middle East increased by 51% in July, down slightly on June’s 53% rise and the strong increases of 60% seen in May.
In Asia, sales rose 20% through July and in Latin American they rose by 52%, up one percentage point than June but down from the 60% increase in May.
Caterpillar sales for 2011 are forecasted to reach between $52-54 billion.