Caterpillar (CAT) reported a strong Q1 this morning, with earnings coming in at $922 million ($1.45 a share) on $11.8 billion in revenue. The consensus estimate among analysts was for $1.33 per share on $10.6 billion in revenue.
But the results were hardly what North American bulls were looking for. The Illinois-based machinery company did so well precisely because it was able to limit its exposure to the US. Its sales mix shifted, with 53% of sales coming from outside North American sales last year to 58% in the same category this year.
CEO and Chariman Jim Owens:
Even though North America, our largest geographic market, is depressed, we are investing for growth. We are significantly increasing capital expenditures for improved productivity and higher capacity, and our research and development is focused on sustainability and innovative new products
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