Caterpillar announces record third quarter sales

By WEEK Reporter

October 22, 2012 Updated Oct 22, 2012 at 10:19 PM CDT

PEORIA, Ill. -- Caterpillar has announced third quarter sales and revenues of $16.445 billion, a 5% increase from third quarter sales in 2011.
Profit per share for the third quarter was $2.54, up 49% from the same time last year.

Caterpillar spokesman Jim Dugan attributes the good numbers to the strength of international sales. Despite that, the company is revising downward its outlook for 2012, citing weaker than expected economic conditions globally.

"Moving forward in the next several months with that outlook coming back down some, we are expecting to make some adjustments in our production schedules, and our facilities around the world," said Dugan. "The real driver of that change in our 2012 outlooks in terms of bringing that down some are a couple things, and we've been talking about these things. Slower growth than we've expected earlier this year for China, slower growth in the United States, and in Europe we continue to have a very challenging economic times."

Dugan says over the past seven months, the company has built up inventories of machines and plans to sell those off while adjusting production schedules.

Caterpillar has already announced the temporary shutdown of facilities in East Peoria and Decatur.