Caterpillar is feeling the pain of slow growth just about everywhere. CEO Doug Oberhelman is forecasting that revenues for the giant machinery maker will be down in 2016 for the fourth year in a row—the first time that’s ever happened in the company’s 90-year history.
Blame it on the oil and gas crisis or China’s economic slowdown. Even though China accounts for less than 4% of Caterpillar’s sales, the Asian nation is the biggest construction market in the world. “We’re working hard to win there,” Oberhelman tells Fortune’s Susie Gharib. “We should all be hoping that they manage that economy through growth. It’s a tough transition for them and for the world.”
Oberhelman says funding for a long-term highway bill in the U.S. is one bright spot for the new year. He is optimistic that Washington lawmakers will pass the six-year legislation. The highway bill may not reverse Caterpillar’s slump, but Oberhelman still says “a little impetus like that would be very good.”