Caterpillar Dealer Sales Fall 13% in Last Three Months

Caterpillar Inc , the world's largest maker of construction equipment, reported a sharp fall in worldwide dealer sales for the three months through February.

Global equipment sales fell 13 percent in the three-month rolling period ended February, compared with a 4 percent decline in the period ended January, the company said in a regulatory filing.

Asia Pacific equipment sales were down 26 percent, while North American sales fell 12 percent.

Global sales of power systems, used on industrial job sites and energy-producing projects, fell 7 percent.

Caterpillar reported a 55 percent drop in fourth-quarter profit in January, citing weak demand and oversupply.

High inventory has been a challenge for the Peoria, Illinois-based company which last year slashed production to tackle the problem.

Shares of the company were down 1.4 percent at $87.03 on Wednesday morning on the New York Stock Exchange.