Caterpillar dealers post double-digit sales growth for summer
(Reuters) - Caterpillar Inc's (CAT.N) dealers reported a double-digit sales jump for the three-month period ended in August, partly due to strong sales in North America as customers replaced aging equipment.
Retail dealers for the world's largest heavy equipment maker reported a 13 percent sales increase for the June-through-August period. The figure is down slightly from the 14 percent increase for the May-through-July period, the company said in a filing with the U.S. Securities and Exchange Commission.
Peoria, Illinois-based Caterpillar said dealer sales in North America -- where most of the company's revenue comes from -- were up 24 percent for the period, and dealer sales in Asia/Pacific -- the second-largest region -- were up 27 percent.
While the U.S. economy remains depressed, many construction firms are having to replace aging heavy equipment, boosting Caterpillar and its peers.
Sales in China have been dented this year, Caterpillar executives have said, and the company began exporting Chinese-made machines earlier this summer.
The company does brisk business in Australia and other Asian nations, though, and expects China's recently announced $150 billion in stimulus spending to help results by next year.
Caterpillar, whose competitors include Japan's Komatsu Ltd (6301.T) and South Korea's Hyundai Heavy Industries Co Ltd (009540.KS), said dealer sales were flat in Europe, Africa, and the Middle East.
Dealer sales fell 5 percent during the period in Latin America.
Caterpillar shares were down 29 cents at $92.25 in morning trading on the New York Stock Exchange.
(Reporting by Ernest Scheyder; Editing by Phil Berlowitz)
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