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Caterpillar, the world's largest manufacturer of construction machinery, announced its second-quarter 2009 results. The announcement said that the company bid farewell to the first-quarter loss. In the second quarter, it achieved operating income of US$ 7.98 billion and net profit of US$ 371 million, a decrease of 41% and 66% respectively year-on-year. The result was a combined profit of 60 cents per share. If it does not include all expenses, it would be 70 cents per share, after the market consensus was expected to be about 20 cents, and the performance was significantly better than expected. However, compared with the profit of 1.11 billion U.S. dollars in the same period of last year and a profit of 1.74 U.S. dollars per share, there is still a small gap.
The most significant decline in the company's business was in Europe, Africa, and the Middle East, which achieved sales revenue of 2.22 billion U.S. dollars, down 50% year-on-year; North America achieved revenue of 3.18 billion U.S. dollars, down 42% year-on-year; Latin America achieved revenue of 677 million U.S. dollars, down 41% year-on-year. Asia Pacific achieved US$1.71 billion, a year-on-year decrease of 24%. The most significant downturn in business was the engine, which achieved sales revenue of US$4.34 billion, a decrease of 49% year-on-year.
Cat O’s global president, Jim Owens, attributed the rise in profits to team effort and measures to deal with the economic downturn. He said that the credit market has been significantly improved, and a wide range of fiscal and monetary policies to stimulate the economy have been introduced worldwide, especially China. At the same time, many important commodity prices have recovered from the lows in the first quarter, and the current price range has an active role for investors.
Sweden Volvo Construction Machinery's second-quarter sales fell 45% year-on-year. The company’s operating profit was approximately US$116 million, compared with a profit of US$150 million in the same period last year. Sales revenue dropped from US$1.54 billion in the same period last year to US$840 million in the current period. The company cut its production capacity by 30% in the second quarter. Although this means that the cost increases, it also cuts inventory.
Olof Persson, global president of Volvo Construction Machinery, said that the only bright spot in the market is in China, with demand growth of 6% in the second quarter. In other places, stimulating investment has yet to show results. For the full year outlook, the company expects the European market to decline by 40% to 45% year-on-year, North America by 30% to 40% year-on-year, and the global market by 30 to 40%.
Taylor, global president of British JCB, believes that the global downturn in the construction machinery market will continue for one year. He also pointed out that JCB expanded its Indian production base in 2008 and established the world's largest backhoe loader plant near Delhi. The Indian plant currently accounts for one-third of its production. Currently JCB's sales in the Indian market show a month-on-month growth. At the same time, Brazil has also weathered the economic crisis. But despite JCB's growth in India, Brazil, and China, which currently has a very low market share, its market in Europe and North America remains sluggish.
Talking about the outlook for the global market, Taylor reiterated the difficulties faced by the global market: “We may see the W-shaped trend, and it will improve by the end of this year. Russia and the Middle East will recover, but then they will face the possibility of government’s stimulus plan. Whether or not the private economy can recover before the government cuts back on investment, I am not sure."
In the first half of the year, the performance of global engineering machinery giants declined
Recently, the global engineering machinery giant Caterpillar, Sweden's Volvo Construction Machinery, UK JCB, etc. disclosed the second quarter of this year's performance, and summarizes and forecasts the mid-term business operations.