The spread of Covid-19 over the course of the first quarter of 2020 negatively impacted leading mining equipment suppliers’ revenues and profits with revenues down by between 7% and 21%. However, an even greater impact is expected in the second quarter.
Out of Caterpillar, Komatsu, Sandvik and Epiroc, it was Caterpillar that had the steepest decline in sales and revenues in the first quarter. Caterpillar’s Q1 2020 sales and revenue was $10.6bn, 21% lower than in Q1 2019, due to ‘lower sales volume driven by lower end-user demand and the impact from changes in dealer inventories’.
Click here to read the full article.