News Column

Caterpillar Announces Record Year in Sales, Profits for 2012

Jan. 28, 2013

Steve Tarter

Caterpillar D350D articulated off-road truck (Bidgee, Creative Commons)
Caterpillar D350D articulated off-road truck (Bidgee, Creative Commons)

Caterpillar Inc. has announced record 2012 sales and revenues of $65.8 billion, an increase of 10 percent from $60.1 billion in 2011. Profit per share of $8.48 was also an all-time record.

The 2012 profit per share of $8.48 was up 15 percent from $7.40 in 2011. Profit was $5.6 billion, an increase of 15 percent from $4.9 billion in 2011.

Fourth-quarter 2012 sales and revenues were $16.1 billion, down $1.1 billion from $17.2 billion in the fourth quarter of 2011. Fourth-quarter 2012 profit was $697 million compared with $1.5 billion in the fourth quarter of 2011. Profit was $1.04 per share in the fourth quarter of 2012 compared with profit per share of $2.32 in the fourth quarter of 2011.

The company stated that its fourth-quarter profit was negatively impacted by a charge of $580 million, or $0.87 per share, to cover an accounting error for a Chinese firm acquired by Caterpillar last year.

Lower sales and revenues and the cost impact from sharply lower production and the $2 billion decline in Caterpillar inventory also had a negative impact on fourth-quarter profit, the company stated in its release Monday.

"From an operational standpoint, 2012 was a very successful year with record sales and profit in a tough economic climate," said Caterpillar chairman and CEO Doug Oberhelman in the release.

"Considering the weak economy in the United States, along with much of Europe in recession and China slowing, we had a solid year," he said.



Source: (c)2013 Journal Star (Peoria, Ill.) Distributed by MCT Information Services


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