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Caterpillar reports record quarterly profit

Supplier News

First-quarter sales and revenues increased 23 percent.

| April 25, 2012

PEORIA, Ill. — Growth in mining, strong replacement demand for products in the United States and a continued focus on cost management helped Caterpillar deliver record quarterly profit per share of $2.37 in the first quarter of 2012, the company said. This represents an increase of 29 percent from first-quarter 2011 profit per share of $1.84. First-quarter 2012 sales and revenues of $15.981 billion were up 23 percent from $12.949 billion in the first quarter of 2011. Profit was a record $1.586 billion in the quarter, an increase of 29 percent from $1.225 billion in the first quarter of 2011, the company said.

“These outstanding results demonstrate our continued focus on execution and controlling costs as we increase production and expand capacity to meet increasing demand from our customers. We’re seeing strong global demand for most mining products and significant growth in replacement demand for products in the United States, which more than offset slowing in China and Brazil,” said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman. “During the quarter, I visited Caterpillar facilities, customers, suppliers and dealers around the world, and saw firsthand the progress we are making on safety, product quality, improved delivery times, factory efficiencies and customer service.  These improvements have been impressive considering they’ve occurred while we have so much going on. We are building new facilities, expanding existing facilities, integrating acquisitions and continuing the introduction of new products,” Oberhelman added.

“Our growth has also been good for jobs. Increasing demand coupled with our acquisitions has led to a nearly 50-percent increase in our global workforce since the start of 2010, to a total of 155,710 people.  Even without acquisitions, in the last year alone, our workforce in the United States has grown by more than 6,500 people while our workforce is up about 7,200 outside of the United States."

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