Cat profit up 67%, sales up 22%
| July 25, 2012
Caterpillar announced a second-quarter 67-increase in profit per share and a 22-percent increase in sales and revenue over second quarter 2011 results.
“Whether you look at cost control, delivery performance, safety, quality, new product introductions or margin rates, Caterpillar’s operational performance in the quarter was excellent,” said Doug Oberhelman, Caterpillar chairman and chief executive officer. “It’s what drove second-quarter profit and is providing a solid foundation as we balance our positive long-term view of the world economy with the high level of uncertainty we’re all seeing today.”
Cat says its sales and revenues outlook range for 2012 is now $68 to $70 billion with profit of about $9.60 per share at the middle of the sales and revenues outlook range. The previous outlook for sales and revenues was a range of $68 to $72 billion.
The adjustment to the outlook is a result of weaker economic conditions in much of the world and about $1 billion of negative currency impacts. Since Cat’s outlook in January, the U.S. dollar has strengthened, negatively impacted sales and revenues outlook as sales in currencies other than the U.S. dollar are translating into fewer U.S. dollars.