In a further indication of the stress rippling through the construction and mining sectors, Caterpillar reported its biggest decline in global machine sales since the end of 2016.
The report underlines how the coronavirus outbreak is putting a drag on the industries that Caterpillar supplies. Fears about the virus’s impact on global growth have helped send shares of the economic bellwether down 38% this year, off to its worst start since 2009.
The downbeat mood in the industry permeated ConExpo, the largest construction convention in North America. In remarks at the Las Vegas gathering this week, Caterpillar CEO Jim Umpleby said the coronavirus hasn’t yet caused major supply snags, and the company was focusing on executing the plan set in place when he first took over as CEO.