2Q sales slip for Cat
Jul 23, 2002 12:00 PM
Caterpillar Inc. reported second-quarter sales and revenues of $5.29 billion, $197 million below second quarter 2001, and profit of $200 million. For the first half of the year, sales and revenues were $9.70 billion and profit was $280 million. Sales and revenues for the quarter were down primarily due to lower physical sales volume. Cat said truck and bus engine sales rebounded strongly and sales to heavy construction were up, partially offsetting sharp declines in electric power generation and coal mining. "Business for the first half of the year has been extremely difficult, in line with our expectations," said chairman & CEO Glen Barton. "While overall economic indicators have been positive, the anticipated recovery in capital spending has yet to materialize." Barton said Cat's diversity of products and services enabled it to remain profitable despite uneven recoveries and weak market conditions in many of the industries it serves.
