Yes, but I would think that CAT’s exposure to the USD exchange rate is significantly greater than their exposure to the oil price.
The maker of diggers and dozers’ direct exposure to the sector is equal to about $6.5 billion, or 12% of revenue, while its indirect exposure may be as much as 15% of revenues, analysts wrote in a note. That means almost 30% of its total revenue is facing pressure in 2015 and 2016.
Has the dollar risen that much?
https://www.google.com/finance?q=eurusd&ei=4Yq6VOHUA4q_8waPjYDYCg
https://www.google.com/finance?q=jpyusd&ei=RYu6VIiFNYfj8wahi4CgAQ