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Caterpillar sales drop sharply

Wed, 20 Mar 2013 10:02:24 CDT
By: Charlie Schlenker

Peoria based Caterpillar says its sales have dropped 13% in the last three months. According to regulatory filings the slight drop in the quarter ending in December and the more substantial decline in the most recent reporting period ending in February are the first negative numbers for the heavy equipment maker since 2010. Sales were down 26% in the Asia Pacific region and 12% in North America. Europe, Africa, and the Middle East results dropped 9%. Only Latin America posted positive numbers for Caterpillar, up 3%. Caterpillar slowed production last year to reduce high inventory.

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