Caterpillar Inc's (CAT.N) dealers reported a double-digit sales jump for the three-month period ended in August, partly due to strong sales in North America as customers replaced aging equipment.
Retail dealers for the world's largest heavy equipment maker reported a 13 percent sales increase for the June-through-August period. The figure is down slightly from the 14 percent increase for the May-through-July period, the company said in a filing with the U.S. Securities and Exchange Commission.
Peoria, Illinois-based Caterpillar said dealer sales in North America -- where most of the company's revenue comes from -- were up 24 percent for the period, and dealer sales in Asia/Pacific -- the second-largest region -- were up 27 percent.
While the U.S. economy remains depressed, many construction firms are having to replace aging heavy equipment, boosting Caterpillar and its peers.