Caterpillar Shares React After 8-K Form Disclosed Dealer Retail Shares and Power System Statistics
Caterpillar (NYSE: CAT) reported that three-month global rolling machine sales were down in the filing of the SEC form 8-K.
The global retail sales of machines were down 10 percent in August, 9 percent in September and 12 percent in October. Dealer statistics show that their Asia/Pacific was hit the hardest down 26 percent, 24 percent and 30 percent, respectively. North America had a slight decrease of 2 percent in August, but led the group up 4 percent in September and up 1 percent in October.
In the filing, Caterpillar also published power systems retail statistics. Electric power in October was down 21 percent and transportation was down 27 percent. In August, both sectors were up 5 percent. Petroleum broke even in October after a 21 percent hit in August.
Caterpillar has noticed this decrease in demand and closed some small mining-equipment plants and laid off thousands of workers. On October 29, the company announced that are closing the former Bucyrus International manufacturing operations in Kilgore, Texas, facilities in Summerville, South Carolina, operations in Owatonna, Minnesota, and facilities near Toronto and Sudbury, Canada.
The Motley Fool published that Caterpillar has cut 13,000 workers as a result of these plant closures and temporary layoffs.
Shares of Caterpillar closed at $83.67 on Tuesday and is currently trading -1.13 percent.
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