Mining Equipment Sales

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Industry Uptes You Need To Know
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Caterpillar records a 31 percent decrease in sales
Mining Equipment giant Caterpillar has recorded a
31 percent decrease in sales and revenue for the
second quarter of 2020. Its revenue was recorded
as 10 billion, compared with 14.4 billion the
previous year for the same period.
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The profit per share also declined by 70 percent.
The decline was due to lower sales volume driven
by lower end-user demand and the impact of
changes in dealer inventories, the company
claims.
Dealers decreased machine and engine inventories
about 1.4 billion during the second quarter of
2020, compared with an increase of about 500
million during the second quarter of 2019.
Its anticipated that Caterpillars financial
results for the remainder of 2020 will be
impacted by continued global economic uncertainty
due to the COVID-19 pandemic. Due to this,
Caterpillar withdrew its earnings guidance on
March 26 and is not providing a financial outlook
for 2020 at the moment.
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Austmine rolls out virtual mining export hub
Austmine has launched an initiative to help
regional Western Australian mining equipment,
technology, and services (METS) companies
increase their digital mining capabilities and
global competitiveness.
The METS Digital Mining Export Hub initiative
will bring together regional METS companies and
connect them into those based in Perth to build
export skills and identify global market
opportunities.
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Austmine stated that the hub would address
COVID-19s acceleration of digitalisation in
mining by giving hub members access to digital
developments and strategic insights. Read more.
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