Caterpillar dealer sales fall 13 pct in last three months
March 20 (Reuters) - Caterpillar Inc, the world's largest maker of construction equipment, reported a sharp fall in worldwide dealer sales for the three months through February.
Global equipment sales fell 13 percent in the three-month rolling period ended February, compared with a 4 percent decline in the period ended January, the company said in a regulatory filing.
Asia Pacific equipment sales were down 26 percent, while North American sales fell 12 percent.
Global sales of power systems, used on industrial job sites and energy-producing projects, fell 7 percent.
Caterpillar reported a 55 percent drop in fourth-quarter profit in January, citing weak demand and oversupply.
High inventory has been a challenge for the Peoria, Illinois-based company which last year slashed production to tackle the problem.
Shares of the company were down 1.4 percent at $87.03 on Wednesday morning on the New York Stock Exchange.
- Police hunt for motive as search for Malaysian jet spans hemispheres |
- Crimeans vote over 90 percent to quit Ukraine for Russia |
- Ukraine, Russia agree Crimea truce until March 21-Ukraine minister
- Malaysian PM says lost airliner was diverted deliberately |
- Democrats seek ways to limit Obamacare fallout after Florida defeat