Caterpillar Inc. fourth-quarter earnings beat analysts’ expectations as reopening economies stoked demand for its signature yellow machines. The company said it expects stronger year-over-year sales this quarter, led by construction industries.
Deere & Co., the largest maker of agricultural machinery, increased its sales outlook for the year as farm equipment demand remained resilient despite an “uncertain” market due to the coronavirus pandemic.
Caterpillar Inc.’s machinery sales dropped by the most in 10 years last month in a sign of a deepening slump in its Americas businesses, where the company has extended plant shutdowns.
U.S. Steel Corp. expects to lay off about 2,700 employees as the virus forces the company to idle most of its blast furnaces.
The world’s biggest maker of mining and construction equipment is predicting that the pain from the coronavirus crisis is far from over.