BUSINESS for construction equipment manufacturer Caterpillar has taken a hammering during Covid as profits have more than halved in the last three months.
Sales of trucks, diggers, and excavators have declined due to a lack of demand for equipment as the world continues to struggle with the coronavirus pandemic.
A statement by the company says: “Caterpillar Inc today announced third-quarter 2020 sales and revenues of $9.9 billion (€8.4 billion), a 23% decrease compared with $12.8 billion (€10.9 billion) in the third quarter of 2019.
“The decline was primarily due to lower sales volume driven by lower end-user demand for equipment and services.”
Caterpillar sales have taken a hammering in North America, Latin America and Europe, due to lower demand from end-users, and also dealers running down their inventories.
However, a statement released by Caterpillar’s Chairman and CEO Jim Umpleby via their Twitter account paints a slightly different picture.
"I’m proud of our global team’s performance as we continue to safely navigate the pandemic while remaining firmly committed to serving our customers,” Chairman and CEO Jim Umpleby. https://t.co/spJeqFu8o2 pic.twitter.com/M5uSuWtyj2
— CaterpillarInc (@CaterpillarInc) October 27, 2020
It read: “I’m proud of our global team’s performance as we continue to safely navigate the pandemic while remaining firmly committed to serving our customers.”
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