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Business: Page 103
Business
John Deere profits fall 40% in 2015; will cut 220 workers in Moline as low equipment demand is expected to continue
With decreased demand for both agriculture and construction equipment impacting the company, John Deere saw massive decreases in both profit and sales in fiscal year 2015. Deere sales fell 20 percent during the fiscal year, which ended Oct. 31, to $29 billion. Profit fell 40 percent to $1.940 billion, beating the company’s forecast which it dropped to $1.8 […]
December 1, 2015
Business
Construction spending rises 1% to 8-year high in October
Though homebuilding has been mostly responsible for the rise of construction spending over the last year, in October it was matched by nonresidential projects, a combination that boosted total spending to an eight-year high. Spending rose 1 percent in October to a seasonally adjusted annual rate of $1.107 trillion, according to preliminary data from the Commerce […]
December 1, 2015
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February 1, 2025
Business
Intern awards showcase students who will shape construction industry’s future
When contractors talk about the lack of skilled construction labor, they’re usually referencing laborers and equipment operators. But there’s another lack that is just as troubling to many of the contractors I talk with: the people needed to run a company, especially when there’s no apparent next generation. Which is why I found being […]
November 27, 2015
Business
You probably pay your operators more than the Navy pays SEALs. So why don’t you get more out of them?
In a recent conversation with a group of contractors the subject of operator pay came up. As is typical, the contractors thought they were paying top dollar, but often getting lackadaisical performance in return. So I asked if anybody knew what the average Navy SEAL makes. As it turns out, the pay difference between SEALs […]
November 26, 2015
Business
Announcing the 12 finalists in our 2016 Contractor of the Year awards
We are proud to announce the 2016 finalists for our Contractor of the Year program, now in its 16th year. Sponsored by Caterpillar since 2000, the Contractor of the Year program honors 12 finalists during a weekend event that includes the March 6th NASCAR Kobalt Tools 400 race at the Las Vegas Motor Speedway. Held […]
November 25, 2015
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
Business
U.S. home starts fall 11% in October; builder confidence dips first time in 5 months
With the start of construction on both single-family homes and apartment complexes down in October, total U.S. home starts fell 11 percent during the month. Home starts fell to a seasonally-adjusted annual rate of 1.060 million, according to preliminary data from the Commerce Department. That total is down 1.8 percent over the same time last year. […]
November 18, 2015
Business
Wisconsin contractor is a role model for the industry and his community
Although different contractors can have vastly different motivators, the successful ones all share a similar internal drive – one that spurs them on to not only provide a comfortable life for themselves and their families, but to also be at the top of their game. For Sean McDowell of McDowell Construction in Menomonee Falls, Wisconsin, […]
November 17, 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
Business
Liebherr expects 2015 sales to top $10 billion; U.S. sales growth at 17.9% for first half
Speaking at a press event in England, Stefan Heissler, member of the directorate of Liebherr International, said the privately-held company expects to have sales of €9.2 billion ($10.15 billion) in 2015. The diverse company—which manufacturers a mix of products such as home appliances and maritime cranes in addition to earthmoving, mining, construction cranes and concrete […]
November 9, 2015
Roadbuilding
Senate passes bill to block EPA’s controversial clean water rule
The U.S. Senate has voted to block the implementation of the Environmental Protection Agency’s Waters of the United States rule, according to The Hill. However, the vote doesn’t mean those in the construction and aggregates industries who opposed the rule can rest easily quite yet. The bill was blocked with a Congressional Review Act resolution, which passed 53-44. […]
November 4, 2015
Business
Continued homebuilding gains boost construction spending 0.6% in September
Sizable gains in homebuilding again led to an increase in total U.S. construction spending in September. Construction spending increased 0.6 percent to $1.094 trillion during the month, according to preliminary data from the Commerce Department. Total spending is up 14.1 percent year over year. Private homebuilding increased 1.9 percent to $395 billion and is now […]
November 2, 2015
Business
Thousands of Caterpillar employees take early retirement as cuts continue
As Caterpillar begins its extensive workforce cuts around the world, thousands of employees have decided to take an offer of early retirement. Since announcing a cost-cutting plan in September, Caterpillar has laid off hundreds at its East Peoria plant and announced the closing of its global mining headquarters. And with the possibility that the workforce cuts […]
October 28, 2015
Business
Terex profit falls 24% in 3Q as sales slip across divisions
Citing a marketplace that “remains challenging,” Terex announced another down quarter for the year, with its Aerial Work Platforms division continuing to provide the majority of positive news for the company. Sales for the company fell 9.3 percent from third quarter 2014 to $1.6 billion while profit fell 24 percent to $44.8 million. “As mentioned last quarter, we are […]
October 27, 2015
Business
Volvo CE reports increased market share despite sales, profit drops in 3Q
Despite continued growth in the North American market, Volvo Construction Equipment sales and profit dipped during the third quarter. The manufacturer saw 11.84 billion SEK in sales ($1.4 billion) during the quarter, down 5.5 percent from Q3 2014. However, even with the lower demand, Volvo says it grew market share among larger machines during the quarter. […]
October 26, 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
Business
Kubota breaks ground on new corporate HQ in Texas
On Monday, Kubota Tractor Corporation broke ground at the new location of its corporate headquarters in Texas. Located in Grapevine, near Fort Worth, Kubota says the three-story office building will be approximately 125,000 square feet in addition to a 68,000 square-foot research and development facility. The new $51 million HQ is expected to be completed by […]
October 21, 2015
Business
Charles Machine Works veteran Kevin Smith tapped as next president of HammerHead Trenchless
A longtime veteran at parent company Charles Machine Works (CMW), Kevin Smith has been named the new president of HammerHead Trenchless. Smith assumes leadership of HammerHead after serving as president of MTI Equipment, also a CMW-owned company. HammerHead primarily offers solutions for the installation, replacement, and maintenance of underground utility pipe and cable, but the […]
October 15, 2015
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