Caterpillar’s mining customers “continue to display capital discipline”, contributing to a 9% year-on-year contraction in the US equipment manufacturer’s fourth-quarter Resource Industries division sales to US$2.96 billion.
The company also reported an 8% yoy fall in sales for its Construction Industries’ business to $6.003 billion, while Energy & Transportation was flat yoy at $7.649 billion.
Caterpillar’s total 2024 revenues were $64.8 billion, down 3% on 2023.
Resource Industries 2024 sales came in at $12.36 billion compared with $13.6 billion in 2023.
Asked about new US tariffs on neighbouring Canada and Mexico, and China, Caterpillar CEO Jim Umpleby said it was “going to take time to see how this plays out”.
“We are a global manufacturer but our largest manufacturing presence is in the US and we are a net exporter outside of the US,” he said.
“And that positions us pretty well versus many other companies out there.
“We’ll deal with it. We’ve been around 100 years and we’ve seen many different administrations with many different attitudes on these issues and we’ll deal with it.
“But again the fact that we have such a large US manufacturing presence I think positions us pretty well.”
