) on Friday reported a smaller-than-expected decline in second-quarter earnings, helped by lower manufacturing costs, even as the pandemic made customers wary of big equipment purchases.
The manufacturer, a bellwether for economic activity, said its financial results would be impacted by continued global economic uncertainty. A recovery in machine retail sales in Asia and slowing sales declines in the Europe, Africa and Middle East region and Latin America have raised hopes that the worst is over for the construction and mining equipment maker.
The world’s largest economy shrank at a 32.9% annualized rate last quarter with a 37.7% plunge in spending on equipment.There is not much to cheer outside the United States, either. The International Monetary Fund now expects deeper contraction in global output this year.
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