Caterpillar has taken a hammering during Covid

BUSINESS for construction equipment manufacturer Caterpillar has taken a hammering during Covid as profits have more than halved in the last three months.

Sales of trucks, diggers, and excavators have declined due to a lack of demand for equipment as the world continues to struggle with the coronavirus pandemic.

A statement by the company says: “Caterpillar Inc today announced third-quarter 2020 sales and revenues of $9.9 billion (€8.4 billion), a 23% decrease compared with $12.8 billion (€10.9 billion) in the third quarter of 2019.

“The decline was primarily due to lower sales volume driven by lower end-user demand for equipment and services.”

Caterpillar sales have taken a hammering in North America, Latin America and Europe, due to lower demand from end-users, and also dealers running down their inventories.

However, a statement released by Caterpillar’s Chairman and CEO Jim Umpleby via their Twitter account paints a slightly different picture.

It read: “I’m proud of our global team’s performance as we continue to safely navigate the pandemic while remaining firmly committed to serving our customers.”

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Written by

Matthew Roscoe

Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at