Caterpillar resource section sales drop 29% in October

Equipment giant Caterpillar had sharp sales drop in October.

Machine retail sales worldwide were down 29%. Sales were down the most in North America, off 44%.

Sales track a 3-month rolling period ended as of the month indicated compared with the same period of the prior year.

Overall machine sales were down 17% worldwide. The one bright spot was Asia/Pacific, with sales up 3% mostly due to construction.

In a note released today, BMO Capital Markets Research said sales should get better.

“We expect the contraction in y/y machinery sales to continue easing in the months ahead,” said BMO.

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