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Round-up: How 8 major equipment OEMs are navigating 2025’s turbulent start
06 May 2025
With Q1 reporting season in full swing, some of the world’s biggest construction equipment manufacturers have revealed their first key financial updates for 2025. Lucy Barnard reports for Construction Briefing.
What a turbulent start to 2025 it has been. Chief among the challenges has been the disruption caused by Donald Trump’s newly imposed import tariffs – most of which are currently on hold – adding to an already complex operating environment for equipment manufacturers around the world.
As companies release their Q1 results, they’re offering investors the first major financial snapshot of the year, detailing how they’re managing current market headwinds and what actions they’re taking to soften the blow from tariff impacts.
Construction Briefing has rounded up the latest updates from several of the industry’s most significant players:
Caterpillar
Performance so far: In its Q1 2025 results released on 30 April, Caterpillar – the largest construction equipment manufacturer globally – reported that sales in its Construction Industries segment totalled nearly US$5.2 billion. That represents a 19% year-on-year drop, or $1.2 billion, from Q1 2024.
The company attributed the decline mainly to a $820 million drop in sales volume and a $355 million negative pricing impact.
Outlook for 2025: Despite tariff headwinds, Caterpillar expects full-year sales to be only slightly below 2024 levels. The company said it remains cautiously optimistic that a trade agreement with China will be reached and confirmed that it remains on track with its expectations.
The impact of US tariffs: Prior to the tariffs, Caterpillar had forecast that 2025 sales and revenues would match 2024. Factoring in tariffs as of 29 April, it now expects a slight decline. The manufacturer said it now foresees additional costs of $250 million to $350 million in Q2 due to tariffs. It is putting in place cost controls and mitigation steps such as slowing inbound shipments and cutting discretionary spend. Long-term supply chain changes, such as moving the sourcing of components will depend on how the situation develops.
CNH Industrial

Performance so far: CNH reported Q1 consolidated revenues of US$3.8 billion, down 21% from a year earlier. Net income fell 64% to US$132 million, citing “market headwinds.”
Demand: Regional demand dropped 11% in North America, 9% in EMEA, and 1% in South America, while the Asia Pacific region saw a 7% increase.
Outlook for 2025: CNH expects global retail sales in both the agriculture and construction sectors to fall below 2024 levels.
Impact of US tariffs: The company is still assessing global trade scenarios, with uncertainties around tariff levels, duration, and international responses making forecasting difficult.
Haulotte
Performance so far: Haulotte saw Q1 revenue fall 18% year-on-year to €131 million. Regional breakdowns included a 6% decline in Europe, 41% in Asia Pacific, and 27% in North America. “The slowdown in the global aerial work platform market that started in the second half of 2023, has continued in early 2025,” it said.
Demand: In Europe, despite interest rate cuts, rental customers remained cautious. Asia Pacific experienced a sharp drop in revenue of 41%, and North American rental companies continue to adopt a wait-and-see approach.
Outlook for 2025: With visibility low across global markets, Haulotte said it was unable to provide sales or margin forecasts for the year but would update investors once conditions improved.
The impact of US tariffs: CEO Alexandre Saubot stated the company would delay significant US investment decisions until the market stabilises.
JLG (Oshkosh Corp)

Performance so far: JLG reported a 22.7% year-on-year drop in Q1 sales, falling to $957.1 million from $1.24 billion. Operating income halved to $103.1 million, down from $208.1 million the year before.
Demand: Parent company Oshkosh pointed to a decline in North American sales volume, citing “softening demand” from earlier quarters.
The impact of US tariffs: CEO John Pfeifer warned that tariffs could reduce full-year earnings by US$1 per share, although internal cost-saving strategies may recover up to $0.50 per share. JLG noted that “nearly all” of its US-sold machines are domestically built, and it continues to work with its supply chain to manage risks.
Komatsu

Performance so far: Komatsu released its full-year 2024 results on 28 April, showing solid growth. Net sales rose 6.2% to 4.1 trillion yen (US$28.5 billion), with operating income increasing 8.2% to 657.1 billion yen (US$4.6 billion).
Outlook for 2025: With the yen strengthening from last year’s lows and new US trade tariffs in play, the company anticipates a more challenging year. Komatsu forecasts a 9.4% drop in net sales to 3.4 trillion yen (US$23.8 billion) for its construction, mining and utility segment, with segment profit expected to fall 28.5% to 428 billion yen (US$3 billion).
Demand: The manufacturer noted weaker demand from rental firms in Japan (down 3.1%) and North America, although the latter saw a 3.4% sales lift thanks to mining equipment. Sales declined in Europe (-1.4%) and the Middle East (-2.5%), particularly Saudi Arabia. However, sales in China surged 14.2% and the broader Asia region posted a 14.1% increase due to strong demand in Indonesia.
The impact of US tariffs: Komatsu projects direct tariff-related costs of 78 billion yen (US$550 million). When it comes to the impact on demand, the company estimates a 50 billion yen (US$350 million) hit to sales and a 15 billion yen (US$110 million) dent in profits. It has begun rerouting exports, such as shipping from Japan to Canada without passing through the US, and is exploring further supply chain shifts.
Manitou
Performance so far: In Q1 2025, Manitou posted a 12% decline in net sales to €600 million, in line with expectations.
Demand: CEO Michel Denis said the North American market is seeing hesitation from customers and a gradual operational ramp-up, while European demand has exceeded expectations. Shorter delivery times have enabled quicker ordering, boosting the order book to nine months’ worth of activity.
Outlook for 2025: Manitou expects steady revenue and operating profit. Order intake is also trending upward.
The impact of US tariffs: The company said it had implemented measures to reduce the impact of any tariffs introduced by the Trump administration.
Sany

Performance so far: Chinese OEM Sany posted its 2024 full-year results on 30 April, showing a 6% revenue increase to US$10.9 billion. Net profit attributable to shareholders jumped nearly 32%% to US$850 million. International sales, now comprising 64% of the company’s core revenue, were up 12% year on year.
Outlook for 2025: The company said it aims to bolster innovation, risk management, and governance this year.
Demand: International growth was led by Asia and Australia, where revenue rose 15.47% to $2.88 billion. African markets also surged, with sales climbing 44% to $0.75 billion.
The impact of US tariffs: Sany, which operates manufacturing sites in India, Brazil, Germany, and the US, said it continues to prioritise globalisation. The company highlighted the role of its localised teams, regional R&D centres, and distributed production strategy in enabling efficient and resilient operations.
Volvo Construction Equipment

Performance so far: Volvo CE reported global Q1 2025 sales of US$2.2 billion, down 8% compared to the same period in 2024. Machine sales fell 10% when adjusted for currency fluctuations.
Outlook for 2025: The company cited “increased geopolitical and market uncertainty” as the main drivers of weakening demand in Europe and North America.
The impact of US tariffs: Volvo CE has not altered its course and reaffirmed its focus on expanding its zero-emissions offering. The company also emphasised that it builds products across its portfolio within its US facilities.
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