CHICAGO, Ill. – Caterpillar said Monday that dealer sales of its products were weak in August but showed signs of stabilization, according to a report from Reuters.
All engine segments improved during the quarter except sales to industrial users, according to the company. Marine engine sales experienced particular growth, with a jump of 13 percent during the three months ended Aug. 31.
Worldwide dealer sales fell 49 percent in the three months that ended Aug. 31, which was unchanged from the three months that ended July 31. Modestly better sales in the developed world offset modestly worse results in developing regions, according to Reuters.
“The decline rate stabilization continues to suggest global demand may have found a very low bottom,” Wells Fargo analyst Andrew Casey said in a note.