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.
One of Caterpillar’s new skid steer loaders (Image courtesy of Caterpillar)
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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