Just out!One of the biggest bellwethers in the world just smashed its earnings estimates.
$2.37 is well ahead of estimates of $2.13
And furthermore they’re raising guidance.
Revenue of $16.22 billion is right in line with expectations of $16,22,
From the announcement
PEORIA, Ill., April 25, 2012 /PRNewswire/ Growth in mining, strong replacement demand for products in the United States and a continued focus on cost management helped (NYSE: CAT) deliver record quarterly profit per share of $2.37 in the first quarter of 2012. This represents an increase of 29 per cent from firstquarter 2011 profit per share of 2012 sales and revenues of $15.981 billion were up 23 per cent from $12.949 billion in the first quarter of 2011. Profit was a record $1.586 billion in the quarter, an increase of 29 $1.225 billion in the first quarter of 2011.
“These outstanding results demonstrate our continued focus on execution and controlling costs as we increase production and expand capacity to meet increasing demand from 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 said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman. “During the quarter, I visited Caterpillar facilities, customers, suppliers and dealers around the world, and the progress we are making on safety, product quality, improved delivery times, factory efficiencies and customer service. These improvements have been impressive consideri 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,” O added.
“Our growth has also been good for jobs—increasing demand coupled with our acquisitions has led to a nearly 50per cent increase in our global workforce since the start of 2010, 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 United States,” Oberhelman said.
Caterpillar has increased the profit outlook for 2012 while maintaining the sales and revenues outlook in the range of $68 to $72 billion. While the overall outlook range for sales a not changed, better growth than initially expected in North America is now expected to about offset slowing sales and revenues in China and Brazil. The outlook for profit per share expected to be about $9.50 at the middle of the sales and revenues outlook range. The previous profit per share outlook was about $9.25 at the middle of the sales and revenues.
“We remain on track for another recordbreaking year in 2012 at a time when U.S. construction activity remains depressed and economies in Europe, China and Brazil have slowe outlook reflects a record year, we are highly focused on preparing for additional growth over the next few years. Although it’s tough to predict the exact timing, we expect positive moving forward. China and Brazil took steps in 2011 to slow their economies and bring inflation under control. Both countries have realised inflation levels in their targeted range to move to more accommodative economic policies that should support improved growth later this year. Improvement in those economies, better growth in Europe in the coming view that the United States will continue to improve is why we are so focused on improving factory efficiency and putting additional capacity in place. We have a record order ba we need to be ready for continued growth,” Oberhelman said.