Caterpillar has posted a 16 per cent decline in revenue for 2013 at $55.7 billion as against the 2012's figure of $65.9 billion. The company said this was due to a sharp fall in sales of new mining equipment. The company made a net profit of $3.79 billion last year, compared to $5.68 billion in 2012, a 33 per cent drop.
Sales for the company's Resource Industries division, which serves the mining industry, were down -48 per cent in the fourth quarter of the year, compared to the same period last year, to $3.02 billion. However, the company saw growth in its construction industries business, with revenues up 20 per cent to $4.85 billion. All regions of the world saw higher sales in the fourth quarter of 2013, than in the final three months of 2012. Caterpillar added that at $500 million, profits for its construction industries business were the best it had seen since the second quarter of 2012.