CATERPILLAR, THE world’s largest maker of construction and mining equipment, forecast sales growth for 2013 that would be slower than in the previous three years as the global economy decelerates.
Sales next year will be from 5 per cent below to 5 per cent more than 2012 results, the company said yesterday in a statement. That compared with an average analysts’ projection for an increase of 5.1 per cent.
Revenue year-over-year grew 31 per cent in 2010, 41 per cent in 2011 and was estimated to increase 13 per cent this year.
“The biggest concern is the declining backlog, which would imply a more challenging year next year, especially for mining, and whether or not North American construction will re-accelerate,” Larry De Maria, a New York-based analyst for William Blair said.The order backlog fell 18 per cent to $23.1 billion at the end of the third quarter from three months earlier, with the most significant decrease in the resource-industries segment, the company said. Production across much of the company has been reduced with temporary shutdowns and layoffs – (Bloomberg)
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)