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Cat profits down, Volvo's 'best ever'
00:00 28 Jul 1999
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Caterpillar has reported second-quarter after-tax profits falling
to £182.5 million from £288 million for the equivalent
period in 1998.
President Glen Barton blames "weak demand for larger equipment especially in the extractive and energy sectors. In addition demand remains weak in several key geographic areas." Overall sales fell by some 9 per cent.
l By contrast Volvo Construction Equipment reports its second quarter results as "the best in the company's history." Turnover was £799 million with earnings of £76.77 million - an operating margin of 9.6 per cent.
Volvo says its results, "reflect increased sales in Western Europe where the market is very strong. In particular sales of our new compact machines are buoyant while we have also increased both market share and volume with our top-selling ADTs."
President Glen Barton blames "weak demand for larger equipment especially in the extractive and energy sectors. In addition demand remains weak in several key geographic areas." Overall sales fell by some 9 per cent.
l By contrast Volvo Construction Equipment reports its second quarter results as "the best in the company's history." Turnover was £799 million with earnings of £76.77 million - an operating margin of 9.6 per cent.
Volvo says its results, "reflect increased sales in Western Europe where the market is very strong. In particular sales of our new compact machines are buoyant while we have also increased both market share and volume with our top-selling ADTs."
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