The most recent financial news from construction equipment manufacturer Caterpillar could have been better. The company’s third quarter sales and revenues decreased 6% to $12.8 billion year over year, and profit per share was down 8% to $2.66.
Caterpillar told Reuters that one reason sales are down is that customers are hesitant to make large purchases amid the U.S. and China trade war. The original equipment manufacturer even anticipates the slowdown in sales to continue into the fourth quarter and its grim outlook has even resulted in it having to lay off 120 temporary workers at its Victoria, Texas, plant.
However, despite the downturn, the company continues to invest in innovation and technology, it said, which includes its autonomous vehicle and equipment solutions.