Caterpillar Inc. (CAT) is the bellwether
for the machinery manufacturing industry. It designs, manufactures,
markets and sells heavy machinery and equipment to the construction,
mining and power generation industries.
The company operates on a global scale,
and its performance is tied to macroeconomic conditions in different
countries worldwide. For this reason, Caterpillar’s order growth and
dealer inventory levels are considered a leading economic indicator.
CAT’s three business segments –
Construction Industries, Power Systems, and Resources – together
accounted for almost 94% of the company’s overall revenues in 2012. Each
segment contributed roughly a third of total revenues, and a slowdown
in any one segment can affect the company’s bottom-line significantly. CAT, RIO, DE, JOY
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