'We've seen this before, we've been through it, we'll manage our way through this situation,' CEO Jim Umpleby says.
China makes up between 5% and 10% of Caterpillar's sales, particularly in hydraulic excavators, or demolition vehicles. Umpleby said that business "continues to be strong" despite an ongoing trade dispute between the countries that has seen tariffs levied on both sides.
The heavy machinery manufacturer is seeing results of its new strategy for profitable growth that it launched in early 2017, around the same time that Umpleby became chief. Management has focused on improving operating margins and building its services business, he said. "The Caterpillar team improved operating margin from 11% in 2014 to 16% in 2018 in just 4 years," he explained. "Last year we achieved record earnings per share at that $55 billion sales level that was 17% below what we had in 2012 at $66 billion [sales]."
Caterpillar wants to double the $14 billion in service revenue it produced in 2016 in the next decade.
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