26.04.2012

CAT up 23%

Caterpillar has reported first quarter revenues up 23% in spite of a slowdown in China and Brazil.

The company had total revenues of $15.98 billion for the quarter, 23 percent higher than in the same quarter last year. Construction related equipment sales were up 13 percent, thanks to North America and the Europe/Africa/Middle East region which grew by 36 and 11 percent respectively. South America slipped two percent, while Asia was static. Pre-Tax profit for the business as a whole was up just over 30 percent to $2.3 billion.

Chief executive Doug Oberhelman 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.”