Friday, June 18, 2010

Caterpillar (NYSE:CAT) Machine Sales Up 11 Percent in May

Caterpillar (NYSE:CAT) said on Friday its global machine sales enjoyed an increase of 11 percent, growing strong in Asia and North America, although unsurprisingly, sales in Europe plunged.

Most of this was the result of strong sales to Asia, which were up 38 percent for May, while the North American market grew by 15 percent.

Along with Europe, the Middle East and African markets were all down for sales, according the the SEC filing of Caterpillar.

Europe, the Middle East and African sales combined dropped 8 percent in May, while the Latin American market was down 2 percent.

Sales in Europe should continue to be under pressure, as some analysts say the sovereign debt crisis hasn't started to affect trade yet, although it seems that is going to happen very soon.

The largest sales segment of the company in May was its reciprocating and turbine engines, which grew by 17 percent. That was partly offset though by a 10 percent fall in overall engine sales.

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