Heavy equipment manufacturer Caterpillar Inc. (NYSE: CAT) reported it saw steady growth in three of four major regions in which it does business: North America, Europe and Asia. Growth in Latin America has slowed over the past three months. Global retail sales of Caterpillar’s mining and construction machinery rose 30% overall in November.
In Europe, Africa and the Middle East, Caterpillar sales were up 32% during October and November. In the same regions, sales rose 41% in September. Europe’s ongoing debt crisis will likely slow growth in these three markets in the near future as businesses and consumers look to curb their spending.
In North America, Caterpillar’s most profitable market, sales rose 41% in November which is an increase from the 38% increase in October and 28% in September. Though the construction industry has slowed in the U.S., Caterpillar has experienced flourishing sales numbers due to dealers purchasing equipment for rental operations and customers replacing worn out machinery, according to a MarketWatch release. In Asia, sales rose 31% in the three months through the end of November, compared with a 33% increase and a 27% increase in October and September, respectively.
Latin America had been one of Caterpillar’s better performing sales regions thanks to mining and construction activity in developing nations like Brazil, however the region has experienced a pronounced drop-off from September to November. November-period sales in the region rose 8% from 2010, however that is down from the 16% increase during October and a 33% increase in September.