Caterpillar Reports Historic Q2; Raises Profit Outlook
Published July 26, 2012
Categories: Recent Earnings
Caterpillar announced second-quarter 2012 sales and revenues were $17.4 billion, an all-time record, and a 22% increase from second-quarter 2011 sales and revenues of $14.2 billion.
In its 2012 outlook, Caterpillar said it has narrowed the outlook range for sales and revenues and raised the outlook for profit. The 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 with profit of about $9.50 per share at the middle of the sales and revenues outlook range.
“Caterpillar’s success in 2012 is occurring despite U.S. construction activity that remains depressed and well below the prior peak, the problems facing Eurozone economies and economic concerns in China,” chairman and CEO Doug Oberhelman said. “While we’re expecting a record year in 2012, we understand the world is facing economic challenges, and if it becomes necessary, we are prepared to act quickly as we did in late 2008 and 2009. While we’re prepared, the good news is, this doesn’t feel like 2008. Interest rates are low, central banks are prepared to inject more liquidity if needed, and housing is coming off lows, not a peak, and seems to be improving,” Oberhelman added.
To read the Caterpillar news release click here.