Reported 27 days ago
Caterpillar revised its annual revenue projection downward due to decreased equipment demand in Europe and Asia/Pacific, as well as reduced stockpiling by North American dealers. Following a third consecutive quarter of declining sales, the company's shares fell 2.1%. The outlook is dimmed by concerns over high borrowing costs, economic uncertainty, and a downturn in the Chinese property market. Despite the challenges, executives remain optimistic about long-term demand buoyed by unspent infrastructure funds from Biden's 2021 law.
Source: YAHOO