Cat Revels in Best Quarter To Date

By WEEK Reporter

August 11, 2011 Updated Aug 11, 2011 at 1:13 PM CDT

Big Yellow continues to make big money.

Caterpillar Incorporated is reporting its best quarter ever.

The Peoria-based manufacturing giant announced Friday its financial results for the first quarter of 2011.

Cat says sales and revenues were $12.9 billion, up 57 percent.

Profit was $1.2 billion, up a whopping 426 percent.

Profit per share was $1.84--that's up 411 percent.

Caterpillar also increased its financial outlook for the year.

"What we've seen compared to a year ago for this first quarter is a dramatic increase in demand for the products that Caterpillar makes...so we're seeing increases--geographically around the world," said Jim Dugan, Caterpillar Spokesman.  "So what we've reported was an all-time record quarter for the first quarter in terms of profits."

Caterpillar announced that it increased its worldwide workforce by more than 10,000 full time employees.

And with an increase in its flexible workforce, the total increase in the global workforce was more than 20,000 employees.