Asia-Pacific Dealer Sales Down For Caterpillar
International Business Times
Published Jun 20, 2014 03:29PM ET
Updated Jun 20, 2014 04:00PM ET
Asia-Pacific Dealer Sales Down For Caterpillar
By Kathleen Caulderwood - Continued downward pressure on Asian miners caused a dip in retail sales for Caterpillar Inc (NYSE:CAT) in the region.
The world’s biggest maker of construction and mining equipment reported that its Asia-Pacific region dealer sales fell in the period of March to May of this year, down 30 percent from the same period a year earlier, after falling 25 percent in the three months through April.
“We believe global numbers will need to show some improvement shortly in order to support the positive move in Caterpillar’s stock year-to-date,” Jefferies analyst Stephen Volkmann told Bloomberg.
Lower commodity prices have compelled mining companies to cut their spending.
Meanwhile, the Pretoria, Illinois-based company reported that its resource industry sector sales were down an average of 69 percent in Asia compared to the same period a year earlier.
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Written By: International Business Times
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