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Business: Page 100
Dealers
Komatsu profit falls 52% in 1Q on stronger Yen
Komatsu, the world’s second-largest construction equipment maker, reported a down first quarter where profit plummeted 52 percent as sales slumped. Profit fell to 15.5 billion yen ($151 million) while sales fell 13 percent to 389.2 billion yen ($3.8 billion). Construction, mining and utility equipment sales fell 12 percent to 345.1 billion yen ($3.4 billion) while […]
August 8, 2016
Business
HCSS doubles 2016 construction intern scholarships; applications taken until Sept. 16
Now in its second year, the 2016 Construction Intern Awards program will give a total of $50,000 in college scholarships to students in construction-related fields, according to sponsor HCSS. The construction estimating software developer, noting the popularity of last year’s program, doubled the amount of total scholarships offered this year. As was the case last […]
August 8, 2016
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August 4, 2025
Business
Construction adds 14,000 jobs in July
July snapped a three-month streak of jobs losses for the U.S. construction industry with an increase of 14,000 workers. Construction employment is now at 6.652 million Americans, a 3-percent increase over the July 2015 mark, according to preliminary data from the Labor Department. The department’s latest data also revised the June employment total from the previously […]
August 5, 2016
Dealers
Sales down, profit up at Terex following 2Q sales of construction, MHPS segments
Along with a report of a 10-percent decrease in net sales for the second quarter, Terex released its 2016 outlook, updated based on its new, more streamlined corporate structure following the sale of two of the company’s equipment segments. Terex announced net sales of $1.3 billion for Q2 and a 44-percent increase in profit to $110 million. […]
August 4, 2016
Business
Caterpillar cuts jobs at Tucson Proving Ground
As the company laid out in its most recent earnings report, Caterpillar is making further cuts to its workforce, this time at its Tucson Proving Ground in Arizona. According to a report from the Arizona Daily Star, Cat is making an undisclosed number of job cuts at the facility. The affected employees are not part […]
August 3, 2016
Dealers
Ritchie Bros. buys Petrowsky Auctioneers
Ritchie Bros. has bought Petrowsky Auctioneers for $7 million, a move it says will enhance its market position in the New England region. Petrowsky was founded nearly 40 years ago in North Franklin, Connecticut, by Sammy Piotrkowski. The company sold nearly $50 million worth of equipment and assets during 2015, most of it in the […]
August 3, 2016
Business
Real Talk: Apply now for our contractor peer group program
Equipment World is now accepting applications for its Peer Group program, designed to get contractors together for frank discussions about real-world problems and solutions. In these small groups, non-competitive contractor principals look at the issues that are causing them the most pain. There’s also a free exchange of ideas, with the group examining what […]
August 3, 2016
Dealers
CNH Industrial profit up in 2Q despite sales dip
Despite a 3-percent decline in net sales for the second quarter, CNH Industrial saw profit increase 5 percent largely due to strong performance in the company’s agricultural, commercial vehicle and powertrain segments. CNH, makers of Case and New Holland heavy equipment, reported total revenues of $6.7 billion and a net profit of $129 million. “Our […]
August 2, 2016
Business
Construction spending down 0.6% in June
With declines in both residential and nonresidential spending, total U.S. construction spending fell for a third consecutive month in June. Spending fell 0.6 percent to a seasonally adjusted annual rate of $1.133 trillion, according to preliminary data from the Commerce Department, but remains up 0.3 percent over the June 2015 figure. Total residential spending fell […]
August 2, 2016
Roadbuilding
Carnell named president of Atlas Copco Construction U.S.
Scott Carnell, industry veteran and rental president for Atlas Copco in North America, has been named president of the company’s U.S. construction division. Carnell, who has been with Atlas Copco for the last 10 years of a more than three-decade career in the industry, will replace Erik Sparby. Sparby recently accepted the role of general manager for Atlas […]
August 1, 2016
Dealers
Despite market share gains, Volvo CE profit falls 40% in 2Q
Though weaker machine sales in China and Brazil were partially offset by higher sales in Europe, Volvo Construction Equipment saw overall sales fall during the second quarter. The company reported a 12-percent net sales decline to $1.6 billion (SEK 13.6 billion), while profit fell 40 percent to $93.8 million (SEK 810 million). The company notes that […]
July 28, 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
Dealers
Komatsu acquires mining equipment maker Joy Global for $3 billion
Largely unscathed by the sharp declines in demand for mining equipment that have been bleeding money from competitor Caterpillar over the last few years, Komatsu has decided now is the time to become a more meaningful player in the industry, announcing it will acquire Wisconsin-based surface and underground mining equipment manufacturer Joy Global. Joy Global, founded in […]
July 22, 2016
Dealers
INFOGRAPHIC: Dozer sales and buyer trends
July 21, 2016
Dealers
Olson tapped as Toro Company’s next CEO
A 30-year veteran of the company, Richard M. Olson has been named by the Toro board of directors as its next chief executive officer. Olson, a board member since January and the company’s president and chief operating officer since September 2015, will take over the CEO role from Michael J. Hoffman on November 1. Hoffman […]
July 21, 2016
Roadbuilding
National Purchasing Partners Government Division awards contract to John Deere
The National Purchasing Partners Government Division (NPPGov) has awarded John Deere Construction & Forestry a three-year construction equipment contract. It is the only OEM awarded such a contract in NPPGov’s most recent round of contract awards. NPPGov works with non-profit and public entities as a “cooperative purchasing organization” to provide access to RFP-process contracts. It […]
July 21, 2016
Business
Home starts rise 5% in June; home builders report “scattered softness” in market
U.S. home starts rose nearly 5 percent in June on gains in both single- and multi-family residences. Total starts rose 4.8 percent to a seasonally adjusted annual rate of 1.189 million, according to preliminary data from the Commerce Department. However, total starts are down 2 percent from the June 2015 rate. Single-family home starts were up 4.4 percent […]
July 19, 2016
Business
“Whatever it takes” the philosophy behind resilient New York contractor Gorick Construction
“Whatever it takes” on the surface may bring up thoughts of driving a square peg through a round hole with an enormous hammer, but for Al Gorick, it signifies a philosophy that a job will be done the right way, no matter what resources are needed. The slogan is part of Gorick Construction’s logo, and […]
July 12, 2016
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