“We currently anticipate lower sales to users in 2025 compared to last year as customers continue to display capital discipline.”

In context

“utlook we provided in January. Full year dealer rental revenues are also expected to grow as dealer rental fleet loading is expected to increase in the second half of the year. In Asia Pacific, we anticipate full year sales to users growth. China has shown positive momentum to start the year, and we expect full year growth in the -- in the above 10-ton excavator industry, but from a very low level of activity. In Asia Pacific outside of China, we expect economic conditions to be soft. In EAME, we expect moderate sales to users growth for the year driven by healthy construction activity in Africa and the Middle East and improving economic conditions in Europe. Despite weaker construction activity in Latin America, we expect sales to users growth for the year. Moving to Resource Industries. We currently anticipate lower sales to users in 2025 compared to last year as customers continue to display capital discipline. However, we see positive momentum with strong order rates and backlog growth, particularly for large mining and articulated trucks. Although most key commodities remain above investment thresholds, declining coal prices have caused an increase in the number of parked trucks. As a result, we expect slightly lower rebuild activity throughout the second half of the year. Overall, customer product utilization remains high and the age of the fleet remains elevated. We also continue to see growing demand and customer acceptance of our autonomous solutions. We believe the evolving energy landscape will support increased commodity demand over time, providing further opportunities for long-term profitable growth. And finally, in Energy & Transportation. The backlog growth was driven by robust orde”