Caterpillar 1Q Net Up 29% On Higher Mining, US Sales |
| Wall Street Journal - Apr 25, 2012 |
Caterpillar Inc.'s (CAT) first-quarter earnings rose 29%, as resurgent sales of construction machinery in the U.S. and ongoing global demand for mining equipment offset weakening sales in Europe, China and Brazil.
The world's sales leader in bulldozers, excavators and other earth-moving machinery topped analysts' profit expectations for the quarter, but revenue was less than anticipated. The company increased its profit forecast for the year, but left its revenue projection unchanged from its fourth-quarter results in January.
"We're seeing strong global demand for most mining products and significant growth in replacement demand for products in the United States," said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman in a written statement Wednesday.
Oberhelman said the Peoria, Ill., company remains on course for record sales and profit in 2012, despite recessionary economies in Europe and slowing demand for construction equipment in China and Brazil, where tighter monetary policies to tamp down inflation have taken a toll on machinery sales.
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- Posted: 2012-04-25 10:40:29
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