Caterpillar forecast hit by lower N. America stockpiling, weak Europe, Asia/Pacific

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America stockpiling, weak Europe, Asia/Pacific </h2> <h3 class="post-title"> <i>Reuters</i> </h3> <div class="meta"> <span class="date"> October 30, 2024 </span> </div>  <span style="width:50%; float:right; padding-top:0px; padding-left:20px;"> <figure class="icon-overlay icn-link media-wrapper"> <img src="https://me.smenet.org/docs/Publications/ME/Issue/catsp3.jpg" alt=""/> </figure> </span> <span> <p> <p>Caterpillar on Wednesday trimmed its annual revenue forecast again on weakness in Europe and Asia/Pacific and lower equipment stocking by independent dealers in North America after another quarter of declining sales.</p> <p>Shares of the company, considered a proxy for global economic activity, fell 2.1 percent. It also warned gains from price hikes implemented to offset high production costs were tapering off.</p> <p>The downbeat projections follow the boost from post-pandemic demand and U.S. President Joe Biden's 2021 infrastructure law, a $1 trillion enactment aimed at upgrading roads, bridges and related infrastructure.</p> <p>In recent quarters, however, demand was squeezed by customers facing higher borrowing costs, an uncertain economic outlook and a property market slump in China, stoking concerns about the view for 2025.</p> <p>"With volume slowing quarter-over-quarter, our experts caution that Caterpillar could be facing a cyclical downturn in demand that will last through 2025," Third Bridge analyst Ryan Keeney said.</p> <p>Equipment sales in Europe, the Middle East and Africa region decreased 6 percent amid a manufacturing downturn, while in the Asia/Pacific region they fell 7 percent on economic weakness, Caterpillar said.</p> <p>Company executives, who declined to offer forecasts for 2025, said the China market remains weak for above 10-ton excavators and that they are yet to see any impact so far from the government's stimulus measures.</p> <p>North America dealers ordered less equipment to rent out during the September quarter, even as revenue from such operations rose, executives said, adding the trend is expected to persist in the current quarter.</p> <p>Still, executives sounded positive on long-term demand prospects, highlighting unspent funds in Biden's infrastructure law.</p> <p>Wednesday's cut was the second this year. The company now expects 2024 revenue to be "slightly lower" year-over-year, from the "slightly lesser" projected in August.</p> <p>Caterpillar, which does not provide forecast numbers, had in April said it expected revenue to be "broadly similar" to 2023.</p> <p>Adjusted profit fell to $5.17 per share in the third quarter, missing the average analyst estimate of $5.34, according to data compiled by LSEG.</p> <p>"Expectations were fairly muted coming into the quarter, but the magnitude of the miss and an increase in dealer inventories were both worse than expected," Citi analyst Kyle Menges said.</p> <p>Total sales dropped 4 percent to $16.11 billion, the third consecutive quarter of year-on-year decline.</p> <p>(Reporting by Utkarsh Shetti in Bengaluru; Editing by Shounak Dasgupta and Sriraj Kalluvila)</p> <p> </p> </p> </span> </div> <p> </p> <style> /* Slideshow container */ .slideshow-RightColumn { } /* Hide the images by default */ .mySlidesRightColumn1 { display: none; } /* Hide the images by default */ .mySlidesRightColumn2 { display: none; } /* Hide the images by default */ .mySlidesRightColumn3 { display: none; } </style> <div class="slideshow-RightColumn" style="background-color:#FFFFFF; border-top:20px solid white; border-right:10px solid white;"> <center> </center> </div> <script> var slideRightColumn1Index = 0; showSlidesRightColumn1(); function showSlidesRightColumn1() { var i; var slidesRightColumn1 = document.getElementsByName("mySlidesRightColumn1"); for (i = 0; i < slidesRightColumn1.length; i++) { slidesRightColumn1[i].style.display = "none"; } slideRightColumn1Index++; if (slideRightColumn1Index > slidesRightColumn1.length) {slideRightColumn1Index = 1} slidesRightColumn1[slideRightColumn1Index-1].style.display = "block"; setTimeout(showSlidesRightColumn1, 15000); // Change image every 15 seconds } var slideRightColumn2Index = 0; showSlidesRightColumn2(); function showSlidesRightColumn2() { var i; var slidesRightColumn2 = document.getElementsByName("mySlidesRightColumn2"); for (i = 0; i < slidesRightColumn2.length; i++) { slidesRightColumn2[i].style.display = "none"; } slideRightColumn2Index++; if (slideRightColumn2Index > slidesRightColumn2.length) {slideRightColumn2Index = 1} slidesRightColumn2[slideRightColumn2Index-1].style.display = "block"; setTimeout(showSlidesRightColumn2, 15000); // Change image every 15 seconds } var slideRightColumn3Index = 0; showSlidesRightColumn3(); function showSlidesRightColumn3() { var i; var slidesRightColumn3 = document.getElementsByName("mySlidesRightColumn3"); for (i = 0; i < slidesRightColumn3.length; i++) { slidesRightColumn3[i].style.display = "none"; } slideRightColumn3Index++; if (slideRightColumn3Index > slidesRightColumn3.length) {slideRightColumn3Index = 1} slidesRightColumn3[slideRightColumn3Index-1].style.display = "block"; setTimeout(showSlidesRightColumn3, 15000); // Change image every 15 seconds } </script> <div style="text-align:left; width:640px; padding-left:70px; padding-right:30px; font-size:100%;"> Related article search: <br> <div style="padding-top:10px; padding-left:0px; padding-bottom:20px;"> <a href="featureFinder.cfm?articleKeyWord=Caterpillar&submit=1"> Caterpillar </a>     <a href="featureFinder.cfm?articleKeyWord= North America&submit=1"> North America </a>     <a href="featureFinder.cfm?articleKeyWord= Global Economy&submit=1"> Global Economy </a>     <a href="featureFinder.cfm?articleKeyWord= Declining Sales&submit=1"> Declining Sales </a>     </div> </div>  </div> </div> </div> <footer class="black-wrapper"> <div class="container inner"> <div class="divide30"> </div> <div class="row"> <section class="col-sm-3 widget"> <h3 class="section-title widget-title"> About </h3> <p> ©2021 SME All Rights Reserved. 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Caterpillar forecast hit by lower N. America stockpiling, weak Europe, Asia/Pacific - Mining Engineering Online