Ritchie Bros.: Equipment Makers Report Mixed Q3 Results

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.

For more about Ritchie Bros. third-quarter market update...