Construction sales down for Caterpillar
30 October 2024
The world’s largest construction OEM by sales, Caterpillar, has announced that sales for its construction industries segment was US$6.34 billion in the third quarter of 2024, a decrease of $654 million, or 9%, compared with $6.99 billion in the third quarter of 2023.
Sales increased in Latin America but were down in all other geographical territories with North America seeing a drop of 11%, Europe, Middle East, and Africa (EAME) declining by 15% and Asia Pacific down by 12%.
The OEM said that the decrease was primarily due to a decline in sales volume of $458 million and unfavorable price realisation, which accounted for another $147 million.
Caterpillar’s Resource Industries, which includes mining machinery, had total sales of $3.02 billion in the third quarter of 2024, a decrease of $323 million, or 10%, compared with $3.351 billion in the third quarter of 2023.
Sales in Latin America were flat and down in all other regions. North America had the largest drop at 17% followed by EAME at 13% and sales in Asia Pacific were down 3%.
For the company as a whole, sales and revenues for the third quarter of 2024 were $16.1 billion, a 4% decrease compared with $16.8 billion in the third quarter of 2023.
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