Caterpillar reports drop in retail sales

A slump in retail sales at Caterpillar worsened during the latest three-month period, sending shares lower.

The Peoria, Illinois-based makes of industrial and construction equipment reported a 19% drop in retail sales of its machinery for the three-month period to the end of July, after a 12% decline for the period through June.

Retail sales at its resources industries segment fell at a 42% clip over that same time horizon, worse than the 30% contraction seen in over the previous quarter on a rollingbasis. The pace of declines in construction also picked up, from 6% to 10%.

Total energy and transportation retail sales fell 24%, following a retreat of 26%.

As of 14:58 BST shares in Caterpillar were down by 2.03% to $82.96.