The third quarter saw mixed results from equipment makers with both gains and losses across the board.
CNH and Manitowoc both reported increases in Q3 net sales of 5%1 while Kobelco2 and Volvo CE3each saw sales drop from between 9% and 16.5% in the same period. Caterpillar also reported a +5% increase in net sales but lowered revenue estimates for the year to $66 billion from a range of $68-$70 billion citing weaker than expected global economic conditions.4
Most of the reported losses stemmed from exposure to the declining earthmoving market in China. Global demand for agriculture equipment remained solid.