The Rising Influence of Rising Affluence

[DewDiligence]

CAT 3Q20 results:

https://www.wsj.com/articles/caterpillars-sales-fall-as-coronavirus-weighs-on-industry-11603798979

Slower construction of everything from cruise ships to pipelines during the coronavirus pandemic is weighing on demand for Caterpillar Inc.’s heavy machinery.

Caterpillar said Tuesday that machinery sales fell 23% in its third quarter as customers held off on big purchases. Revenue fell in Caterpillar’s three global segments, declining 23% in construction, 21% in mining and 24% in its energy and transportation business.

… Still, Caterpillar said there were some positive signs in the markets for its machinery, too. It expects industry-wide construction demand in China to increase for the year as a whole, despite a massive drop at the start of 2020 as the country first worked to contain the virus. In the U.S., home builders have increased construction rates in recent months.

3Q20 PR:
https://www.caterpillar.com/content/dam/caterpillarDotCom/releases/3q20/3q20-caterpillar-inc-financial-results.pdf

CC slides:
https://s25.q4cdn.com/358376879/files/doc_financials/2020/q3/3Q-2020-Earnings-Presentation.pdf