Tag: Caterpillar sales: Page 2

Dealers

Caterpillar Q2 sales up 9.5%, profit jumps 45%

Caterpillar’s second quarter 2017 sales and revenues increased by 9.5 percent compared to 2016, reaching $11.3 billion. In response the company released an improved outlook for the remainder of the year. “Our team delivered an impressive quarter. As demand increased, we continued to control costs and generated higher profit margins,” says CEO Jim Umpleby regarding […]

July 25, 2017

Construction Equipment

Federal agents raid Caterpillar HQ as part of investigation; stock tumbles

UPDATE 4:10 p.m: Cat has issued a brief press release regarding Thursday’s raid of its facilities by federal agents. This story has been updated to reflect this new information.   Three of Caterpillar’s Illinois facilities received surprise visits from federal agencies Thursday morning as law enforcement officials seized documents and electronic records apparently pertaining to an […]

March 2, 2017

Dealers

Caterpillar dealer inventories down from 2015 with more “substantial” reductions coming

Aside from lower oil prices and sagging demand for mining equipment around the globe, sales of Caterpillar heavy equipment have also been negatively impacted by lower dealer inventories. In a statement on dealer inventories accompanying its third quarter earnings—which included reduced expectations for fiscal year 2016 sales—the company says dealer inventories in the third quarter of […]

October 27, 2016

Construction Equipment

Caterpillar “more aggressive” on cost reduction cuts than anticipated due to market weakness

Caterpillar says weakness in key end markets has caused the company to be “more aggressive” than anticipated in the cuts it has made and the restructuring actions it has taken in the last 13 months as part of a sweeping cost reduction plan. With sales and revenues expected to be down 17 percent to $39 billion, fiscal 2016 will cap the first series […]

October 26, 2016

Business

Caterpillar sales down again in 3Q as profit plummets 48%

Citing economic weakness and idle mining trucks around the globe coupled with an “abundance” of used construction equipment and idle locomotives in North America, Caterpillar reported another down period for earnings today. With total sales falling 16 percent to $9.16 billion in the third quarter and profit plummeting 48 percent to $481 million, the world’s no. 1 […]

October 25, 2016

Dealers

Caterpillar profit drops 41% in Q2 as oil, gas, mining continue to hurt sales

Reporting a second quarter that saw sales fall 16 percent, Caterpillar has again cut its outlook for 2016. Facing continued downturns in the oil, gas and mining industries coupled with sluggish economic conditions in developing countries, sales and revenues fell to $12.3 billion while operating profit dropped 41 percent to $785 million. Cat chairman and CEO […]

July 27, 2016

Construction Equipment

Caterpillar profit falls 71% in 1Q as energy demand, competitive pressure in construction knock sales

Though things aren’t looking any brighter for Caterpillar on the financial front, chairman and CEO Doug Oberhelman says he is pleased with the effects of an ongoing cost reduction plan. The company today reported first quarter sales and revenues of $9.5 billion, down 26 percent from the first quarter of 2015. Operating profit plummeted 71 percent […]

April 22, 2016

Business

Caterpillar profit fell 43% in 2015; 4Q loss comes as construction, mining sales weaker than expected

Despite slashing its sales outlook in tandem with an October announcement of a sweeping cost reduction plan, Caterpillar’s full-year sales still fell below that most recent forecast after sales fell $3 billion year over year in the fourth quarter. The company reported 4Q sales and revenues of $11 billion, down 23 percent from the same quarter in 2014. Cat […]

January 28, 2016

Business

Caterpillar to close Kentucky plant, cut 50 jobs

As part of the company’s ongoing, extensive cost-cutting plan, Caterpillar announced over the weekend that it would close its Danville, Kentucky, facility. According to the Northern Kentucky Tribune, Cat will close the facility, which manufactures track-type undercarriage components, and move production to “other locations.” The closure and transition are expected to be completed by 2017. A […]

November 23, 2015

Dealers

Finning, world’s largest Cat dealer, to cut 1,100 jobs due to weak equipment sales

In the face of slumping demand, Canadian Caterpillar dealer Finning International Inc. has announced it will make significant workforce reductions to cut costs. Finning will cut approximately 1,100 employees—8 percent of its workforce. The company says by the end of 2015 it will have reduced its workforce by 13 percent or 1,900 employees. Since mid-2013 […]

November 16, 2015

Construction Equipment

Caterpillar lays off hundreds more, announces plant closing in North Carolina

With thousands of the company’s employees already accepting early retirement packages and hundreds more having received notice of being laid off, Caterpillar has wasted no time in implementing its sweeping cost reduction plan announced in September. And over the last few weeks, the company notified upwards of 1,000 more employees across four facilities, one outside the […]

November 16, 2015

Business

Caterpillar CEO voices confidence in strength of key industries despite 64% profit decline in 3Q

After preparing everyone last month for the likelihood of continued bad news on the financial front with the launch of an extensive cost-cutting plan, Caterpillar has announced another down quarter with double digit decreases to both sales and profit. Cat sales and revenues fell to $11 billion during the third quarter, a decrease of 19 […]

October 23, 2015