Caterpillar announces record first quarter earnings

By WEEK Producer

April 25, 2012 Updated Apr 25, 2012 at 9:53 PM CDT

 

 

 

PEORIA, Ill. -- There's more big money numbers for Big Yellow.

Caterpillar is boasting of records figures in its first quarter earnings. In fact, it is the best quarter in the company's history. 

Sales and revenues were nearly $16 billion in the first quarter, up 23 percent from the first quarter of 2011.

Profits totaled a new record of approximately $1.6 billion, up 29 percent over the first quarter last year.  Additionally, profit per share value is up 29 percent over last year, setting a new record.

 

Caterpillar Spokesman Jim Dugan attributes the record numbers to increased sales abroad and a commitment to quality at home. 

"Our growth has also been good for jobs--increasing demand coupled with our acquisitions has led to a nearly 50 percent increase in our global workforce since the start of 2010, to a total of 155,710 people," said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman.  

Oberhelman also said the company was on track for a record breaking year and that Caterpillar should be ready for continued growth.