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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.
As more progressive farming operations have grasped new technologies to make producing the nation’s and world’s food supply more efficient, progressive equipment dealers and the companies they represent have strived to keep pace with the advancements in agricultural technology. GPS, precision agriculture and more recently, coordination by telematics, comprise the current generations of technological applications that most dealers are and have been assisting customers with for years.
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