PEORIA, Ill. -- Caterpillar's fourth quarter and full year earnings report is out.
Big Yellow delivered record-breaking 2011 sales and revenues of $60.138 billion, an increase of 41 percent from 2010.
Profit in 2011 was $4.928 billion, an increase of 83 percent from 2010.
Fourth quarter sales and revenues in 2011 were an all-time quarterly record at $17.243 billion, an increase of 35 percent compared to the fourth quarter of 2010.
Profit per share of $7.40 was up 78 percent from 2010.
Caterpillar Chairman and Chief Executive Officer Doug Oberhelman said the numbers reflected the company's strategy that focuses on customers, employees, suppliers, and dealers.
"We improved product quality, invested significantly in manufacturing capacity and product development, and improved our market position," said Oberhelman. "We completed two large acquisitions--Bucyrus and Motoren Werke Mannheim Holding GmbH (MWM)-- in important growth industries that are a great strategic fit and provide our customers an even broader range of products."
Oberhelman said last year's increase in sales and revenue was the largest percentage increase since 1947. He attributed Caterpillar's success to increased demand of product overseas and an increase in workforce in 2011.
But President Obama wants to bring that demand back to the US. In his State of the Union address, he outlined tax changes to bring bring jobs back to America.
The president says that will strengthen manufacturing and boost the economy.
Dugan says Caterpillar supports the administration's commitment to revitalize the industry, but says the company's success in China shouldn't be used against it.
Caterpillar closed on stocks Thursday up $2.26 to $111.13 a share.