Caterpillar announced Q1/18 sales and revenues of $12.9 billion, up 31% compared with $9.8 billion in Q1/17. Consolidated Q1/18 operating profit of $2,108 million was up $1,728 million from $380 million or 455% from Q1/17. Q1/18 profit of $2.74 per share was a Q1 record.

Construction industry operating profit in Q1/18 was $1,117 million, up 76% from $634 million in Q1/17.

Resource industries (mining equipment) operating profit in Q1/18 of $378 million, up 136% from $160 million a year earlier.

In its outlook, Caterpillar said it is increasing its outlook by $2.00 per share primarily due to growing demand for products and services.

• Construction Industries: Sales are expecting broad-based growth in all regions in 2018, with biggest drivers being continued strength for construction activity in North America and infrastructure development in China.
• Resource Industries: The company believes global economic conditions and favorable commodity price levels will drive miners to increase capital expenditures in 2018 for both equipment replacement cycles and expansions.
• Energy & Transportation: Sales into oil and gas applications are expected to increase in 2018, led by continued strong demand for reciprocating engines for well servicing and gas compression applications in North America.

“I’d like to thank our global Caterpillar team for outstanding results. The combination of strength in many of our end markets and our team’s continued focus on operational excellence – including strong cost control – helped us deliver improved margins and a record first-quarter profit,” said Caterpillar CEO Jim Umpleby. “Based on our strong first-quarter results and higher demand across all regions and most end markets, we are raising our outlook for 2018.”