Caterpillar’s sales in North America–the company’s biggest and usually its strongest market–sputtered in the 4Q, falling 7% from the same period in 2023. Construction equipment sales dropped 14% and mining equipment was off 23%. The company attributes the declines to shrinking inventories of equipment by its dealers and lower demand from customers. Caterpillar is guiding to slightly lower sales and profit for the entire company in 2025. Shares are off 5% at $374.35 in premarket trading.