Caterpillar has reported its first increase in three-month rolling machine sales in four-and-a-half years.
Worldwide machine sales reported by dealers were up a percent for the three months to March, compared with the year-ago period, Caterpillar said.
It’s the first three-month increase since November 2012. Caterpillar has cautioned in its recent quarterly earnings that the rebound in commodity prices over the past 12 months has yet to translate into an increase in equipment purchases.
Mining companies have remained cautious and opted to trim costs by renting or buying used equipment. Demand from the sector remains low, with rolling three-month sales down 19% in March. But the construction sector, especially in Asia has recovered with sales up 56% year-on-year during the period.
The trading update comes a day before Caterpillar is due to report its first-quarter earnings.
