US heavy equipment producer and plate consumer Caterpillar saw its sales drop by almost a quarter on-year in Q3, Kallanish learns.
Caterpillar generated revenues of $9.9 billion in Q3, down -23% from the $12.8 billion it generated in Q3 2019.
Caterpillar attributes the drop to “…lower sales volume driven by lower end-user demand for equipment and services.”
The company’s profit per share was $1.22, down from $2.66/share in Q3 2019.
Last year, Caterpillar predicted that its sales would be off organically due to lower end-user demand. This forced the company to draw down its headcount, which plate sources predicted would pressure the 2020 plate market.
These predictions and moves, however, were made well in advance of the Covid-19 pandemic.
“Our third-quarter results largely aligned with our expectations, and we’re encouraged by positive signs in certain industries and geographies,” says ceo Jim Umpleby. “We’re executing our strategy and are ready to respond quickly to changing market conditions.”