Robust demand for Caterpillar's (CAT) construction machinery in North America and Latin America continued to propel strong retail sales growth for the company in October, according to dealer sales figures released Thursday.
Caterpillar, the world's largest manufacturer of bulldozers, excavators, wheel loaders and other construction machinery, said worldwide sales of its equipment rose 48% in the three months to Oct. 31, compared with the same period a year earlier. The October report was the sixth straight rolling three-month period of sales expansion for Caterpillar as it recovers from a steep decline in sales in 2009. For the three months ended in September, machinery sales rose 53%. They climbed 37% in three months ended in August.
For the third straight monthly period, dealers in Latin America reported the biggest gains. Latin American sales surged 59% in the October period, after a 73% gain in the September period. Meanwhile in North America, Caterpillar's largest geographic market, sales increased 52% in the October period, after climbing 60% in the September period and 40% in August.