Caterpillar Inc. (CAT), the world’s largest maker of construction and mining equipment, reported for the ninth consecutive month that rolling global retail machine sales fell, led by declines in the Asia-Pacific region.
Total machine sales reported by dealers fell 10 percent in the three months through August from a year earlier, which compares with a 9 percent drop in the quarter through July, the Peoria, Illinois-based company said today in a filing. Caterpillar last reported global retail machine sales growth in the rolling three-month period ended Nov. 30.
Caterpillar sales are declining as miners scale back spending amid sluggish commodity demand and slower growth in markets such as China. Retail machine sales reported today fell in every region except North America, where they increased 1 percent, the first rise since November. The Asia-Pacific region had the largest losses with a 30 percent decline, according to the filing.
“North America was a relative bright spot, turning slightly positive after eight months of declines, but overall retail sales were disappointing and indicative that the turn is still being pushed out,” Larry De Maria, a New York-based analyst for William Blair & Co., said today in a telephone interview.
Caterpillar fell 1.4 percent to $86.51 at 10:43 a.m. in New York. The shares earlier decreased 2.1 percent, the biggest intraday decline since July 25. The shares have dropped 3.5 percent this year.
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