Caterpillar, Peoria, Ill., last week reported a record profit of $1.586 billion for the first quarter of 2012, up 29 percent from the first quarter of 2011, on first quarter sales and revenues of $15.981 billion, up 23 percent.
“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 Sates, which more than offset slowing in China and Brazil,” said Doug Olberhelman, Caterpillar’s chairman and CEO.
“During the quarter, I visited Caterpillar facilities, customers, suppliers and dealers around the world and saw firsthand the progress we are making on safety, product quality, improved delivery times, factory efficiencies and customer service. These improvements have been impressive considering they’ve occurred while we have so much going on — we are building new facilities, expanding existing facilities, integrating acquisitions and continuing the introduction of new products,” Oberhelman said.
“Our growth also has been good for jobs — increasing demand coupled with our acquisitions has led to a nearly 50 percent increase in our global workforce since the start of 2010 to a total of 155,710 people. Even without acquisitions, in the last year alone, our workforce in the United States has grown by more than 6,500 people while our workforce is up about 7,200 outside of the United States,” he said.
Due to the first quarter results, Caterpillar has increased its profit outlook for 2012 while maintaining the sales and revenues outlook in the range of $68 to $72 billion.
“We remain on track for another record-breaking year in 2012 at a time when U.S. construction activity remains depressed and economies in Europe, China and Brazil have slowed. While our outlook reflects a record year, we are highly focused on preparing for additional growth over the next few years,” Oberhelman said.