Caterpillar sales weaken but 2Q results top Street
published 31.07.2020 12:59
The U.S. reported last week that sales of new homes rose 13.8% in June, the second consecutive monthly increase.
With cases rising again in many parts of the country, particularly in the Sunbelt which has driven the housing market for years, home building and commercial projects face are at threat.
Earlier this month the Commerce Department reported U.S. construction spending fell 2.1% in May, with both home building and nonresidential activity declining.
Still, the Deerfield, Illinois, manufacturer topped Wall Street expectations and shares jumped sharply before the opening bell in what has been an extraordinarily difficult year.
Caterpillar sales weaken but 2Q results top Street Caterpillar's sales dropped 31% in the second quarter, hurt by lower sales volume that was driven by decreased end-user demand and changes in dealer inventories By MICHELLE CHAPMAN AP Business Writer July 31, 2020, 10:59 AM 2 min read Caterpillar's sales tumbled 31% in the second quarter as dealers culled construction equipment from showrooms during the pandemic.