Cat Call

Seeking Alpha has the full transcript of the Caterpillar conference call; if you haven’t seen them yet, head over to:

Caterpillar Inc. Q3 2007 Earnings Call Transcript

They are utterly sobering. It makes you wonder what other people are seeing when they claim the economy has little chance of a recession:

Caterpillar’s CEO noted "This was the best quarter for sales and revenues ever,
not just the best third quarter. In terms of profit per share, it was
the best third quarter in our history and our second-best quarter of
any quarter ever. . . The growth was driven by continued and
significant strength in sales outside North America, continued strength
in a number of key global end markets, like mining, oil and gas, and
engines for electric power generation, marine, and industrial
applications. Sales and revenues increased 36% in the Europe, Africa,
Middle East region, 30% in Asia-Pacific, and 20% in Latin America."

So the following comments are not those of a CEO making excuses for poor performance:

"…sales and revenues in North America were down 11%. From an end
market standpoint, inside North America,
it is a very weak picture for many of the industries that we serve.
U.S. housing is down and we expect it to continue its decline.
Non-residential construction is weak. Coal mining and quarrying are
down in the U.S. And on-highway truck engines are down significantly
from last year and we do not see much sign of a major turnaround for

Housing is a drag on the U.S. economy, and the U.S. is a drag on the global economy . . .

via Dr. Duru

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