Caterpillar on track for record year after posting 44% increase in 3Q profits

Party Rooster

Unleash The Beast
Apr 27, 2005
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The Inland Empire State
#1
Caterpillar says it is on track for record year

LAST UPDATED AT 25 OCT 2011, 15:59 ET

The world's largest maker of heavy equipment, Caterpillar, says it expects 2011 to be a record one for sales and profit.

The company reported an increase in third quarter profits of 44% to $1.14bn (£715m).

Profits would have been even higher but for costs associated with its takeover of Bucyrus, a US mining equipment maker, during the period.

Shares in Caterpillar rose almost 5% in early Wall Street trading.

The company's products include machinery, engines, electronics and gas turbines used to generate power.

Caterpillar said the result was partly thanks to continued improvement in demand and focused cost management.

Doug Oberhelman, Caterpillar's chairman and chief executive, said: "This was the best quarter for sales in our history, and our order backlog is at an all-time high."

He said that if the impact of the Bucyrus acquisition was excluded, the company had enjoyed "our best profit quarter in history".

The company lifted its 2011 revenue forecast to $58bn, the top of its previous guidance of between $56-58bn.

Mr Oberhelman said he was moderately confident about the economic outlook: "Although there is a good deal of economic and political uncertainty in the world, we are not seeing it much in our business at this point.

"We believe continued economic recovery, albeit a slow recovery, is the most likely scenario as we move forward."

The company continued to add jobs, taking on about 4,800 jobs in the July to August period, with 2,000 in the US.

http://www.bbc.co.uk/news/business-15435729
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MetalBender

I like fistables.
Dec 20, 2009
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New Orleans....Iowa
#2
I know they certainly have been selling and renting alot of equipment for miles around here. This spring every dump truck, loader, dozer and excavator in a five state area were in use, many 24-7 for about a month while the river was first coming up. Railroads, roads and bridges to rebuild now. Just yesterday(after 4 months) a 140 mile trip to work is now a 16 mile trip again.
 

sniper2323

The true north Idaho P.O.W.
Aug 3, 2006
809
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Far North Idaho is Home
#3
I know that I USED to be a huge Cat fan equipment. Now I am a fan of old Cat equipment. The new stuff is overpriced junk. We have a new loader that is top heavy as hell. has been to the dealer 4 times due to a wheel locking up while it is going down the road. Oh and the dumping a rock load in a dump truck softly is impossible as the hydraulics fight each other. After 4 times to the dealer, guess what... Still not fixed. Just got a new John Deere and we are very happy. I own a '63 D-8 Cat dozer, and I love it. 10 degrees outside, if it is plugged in, it will fire off everytime. No problems.
 

whiskeyguy

PR representative for Drunk Whiskeyguy.
Donator
Jan 12, 2010
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#4
I know that I USED to be a huge Cat fan equipment. Now I am a fan of old Cat equipment. The new stuff is overpriced junk. We have a new loader that is top heavy as hell. has been to the dealer 4 times due to a wheel locking up while it is going down the road. Oh and the dumping a rock load in a dump truck softly is impossible as the hydraulics fight each other. After 4 times to the dealer, guess what... Still not fixed. Just got a new John Deere and we are very happy. I own a '63 D-8 Cat dozer, and I love it. 10 degrees outside, if it is plugged in, it will fire off everytime. No problems.
I haven't used any CAT equipment built after 2002, but I have never had a problem with them. John Deere is getting very good at building construction equipment. We needed a small dozer and bought a JD 550 five years ago and the fucker is very easy to operate and never breaks down.

Good to hear one company in America is doing well.
 

Joker1919

Registered User
Oct 11, 2008
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Central Kentucky
#6
My old man has had a Deere dozer for about 10 years now and we haven't had a problem with it. I am a fan of CAT myself. I like working on the engines and the majority of the ones I have worked on have been pretty mechanic friendly. I haven't had too much experience with the new equipment and I have heard some complaints like what sniper said and some of the guys around here have gone away from CAT when it comes time to buy new equipment because they don't seem to have as much ass as the old CAT equipment does. That might have to do with new emissions shit or something else I don't know. People around here are buying a lot of Deere and Komatsu loaders, dozers, and earth movers. CAT still rules the coal fields here though.
 

whiskeyguy

PR representative for Drunk Whiskeyguy.
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Jan 12, 2010
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#7
Aren't they building equipment in China now?
I don't know what the build/assembly deal is with them (I heard Mexico a while back), but the story said 2,000 American jobs added, so that's what I was referring to. Probably could have worded it better.
 

Myhairygrundle

Screw you guys, I'm going home.
Jul 16, 2005
6,798
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Texas
#8
I sure as shit hope they posted a profit. After laying off workers, closing plants, and moving things overseas, their plan to cut costs worked.

But a 44% increase seems like a little too much...the occupiers would disapprove.
 

Hudson

Supreme Champion!!!!!
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Jan 14, 2002
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#9
Umm yeah, BP has been drilling all over fuck here for natural gas and are building wind farms on the mountains....hmm guess what helps to build em.
 

MayrMeninoCrash

Liberal Psycopath
Dec 9, 2004
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Loveland, CO
#10
I'm guessing a big chunk of their sales has been diesel engines. With the 2012 EPA rules about to go in effect for diesel particulate emissions, lots of companies are retrofitting their old iron with new engines and parts from CAT. Of course, the Chinese and demand in places like North Dakota and the Mississippi river region has helped as well.
 

Sinn Fein

Infidel and White Interloper
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Aug 29, 2002
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#11
I am sure worldwide demand is helped by the reconstruction after the various natural disasters we've seen as of late.
 
Oct 4, 2004
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Las Vegas
#12
Tss tss they should change their name to Butterfly next spring or sumpin.