This Morning in Metals: U.S. construction spending falls 0.2% in December

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This morning in metals news, U.S. construction spending dipped in the final month of 2019, China’s top electric vehicle battery maker has signed a supply deal with Tesla and Caterpillar recently reported its fourth-quarter and full-year 2019 financial results.

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U.S. construction spending falls 0.2%

According to the most recent data from the U.S. Census Bureau, U.S. spending on construction totaled $1,327.7 billion in December.

The December total was down 0.2% from November’s $1,329.9 billion but up 5.0% from December 2018.

CATL teams up with Tesla

China’s CATL, the top electric vehicle battery maker in the country, has inked a battery supply agreement with Tesla, Reuters reported.

According to the report, the agreement, however, does not pose restrictions or purchase requirements to Tesla.

Caterpillar releases Q4, full-year 2019 results

Caterpillar, the mining and construction equipment behemoth, reported fourth-quarter sales and revenue of $13.1 billion, which marked a year-over-year decline of 8%.

Full-year sales and revenues reached $53.8 billion, down 2% from 2018.

The firm’s 2019 profit per share reached $10.74, up from $10.26 in 2018. For 2020, the firm forecast profit per share coming in a range between $8.50 to $10.00.

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“We expect continued global economic uncertainty to pressure sales to users in 2020 and cause dealers to further reduce inventories,” Caterpillar Chairman and CEO Jim Umpleby said. “We have improved our lead times and remain prepared to respond quickly to any positive or negative changes in customer demand. We will continue to invest in services and expanded offerings to advance our strategy for long term profitable growth, while achieving our Investor Day targets.”

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