Caterpillar 2014 first quarter numbers show better profits

By Alyssa Donovan

April 24, 2014 Updated Apr 24, 2014 at 7:44 PM CDT

PEORIA, Ill. -- Caterpillar 2014 first quarter numbers show flat sales but better profits.

Sales and revenues came in at about $13.2 billion, which is about even with the first quarter of 2013.

Profits were at $922 million, or about $1.61 per share. That is up from $1.32 per share in the first quarter of 2013.

The increase is largely due the construction industry here in North America.

Caterpillar Spokesman Jim Dugan said there are areas of concern looking ahead to the rest of the year.

“We think sales are likely to be flat with last year and there are some parts of our business that are facing real challenges, mining in particular. That’s something that we need to keep an eye on the situation,” said Dugan.

The company’s expectations for the mining industry have declined this year but expectations for the construction industry have improved.

Dugan said overall employment is down, partially due to last year’s numbers.

“We’re expecting mining not to be flat this year we’re expecting mining to be down 20-percent. So if you are in a facility that makes only mining equipment, it might not be such a good story for this year quite honestly," he said. "On the other hand if you’re in a facility that makes only equipment that goes into the construction industries which is up this year, could be a different story."

Overall, Caterpillar has changed their 2014 outlook for the year from 2-percent to about 3-percent economic growth.