Caterpillar now expects 2024 revenue to be slightly lower than the $67.1 billion it saw in 2023, with the decline in the second half expected to be similar to the prior year. On an earnings call, CEO Jim Umpleby says this is in part due to its latest assumptions for dealer inventory, principally in resource industries, according to a transcript provided by FactSet. In North America, Caterpillar anticipates slightly lower construction industry sales for 2024 due to a weaker than expected rental fleet, though government-related infrastructure projects are expected to remain healthy, Umpleby says. Caterpillar gains 3.5% in early trading.