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Caterpillar Reports Best Quarter in History; Raises 2012 Profit Outlook

July 26, 2012, 07:36 AM
Filed Under: Corporate Earnings

Caterpillar announced second-quarter 2012 sales and revenues were $17.374 billion, an all-time record, and a 22% increase from second-quarter 2011 sales and revenues of $14.230 billion.
"I am very pleased with Caterpillar's record-breaking performance in the second quarter.  Our employees, dealers and suppliers across the globe are doing a superb job of executing our strategy.  They have helped deliver the highest level of financial performance for any quarter in our history for our stockholders and outstanding value for our customers," said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman.
2012 Outlook
We have 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," 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.

"I am cautiously optimistic about the world economy in 2013, very positive on the long-term prospects for global growth and excited about the role Caterpillar will play in making that growth happen.  After all, the road to progress...begins with a road," Oberhelman said.
Read the full Caterpillar press release.

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