PEORIA, Ill. -- In the midst of economic and political uncertainty during 2012, Caterpillar executives say the company had record sales and revenues for the year.
On Monday, Caterpillar, Inc. said sales and revenues for 2012 were $65.875 billion, an increase of 10 percent over sales and revenue in 2011.
Profit per share for 2012 was $8.48, also an all-time record. It stands 15 percent higher than 2011 figures.
However, Caterpillar notes that fourth-quarter sales in 2012 were $16.075, down $1.168 billion from the fourth quarter in 2011. Company officials say fourth quarter figures were negatively impacted by sharply lower production and decline in inventory.
"From an operational standpoint, 2012 was a very successful year with record sales and profit in a tough economic climate," said Caterpillar Chairman and CEO Doug Oberhelman. "Considering the weak economy in the United States, along with much of Europe in recession and China slowing, we had a solid year. Our incremental operating profit pull through was very good, we made progress adjusting inventory levels, and our quality and safety indicators continued to improve."
Oberhelman added that reduced production levels would most likely continue through the first quarter of 2013 until inventories and dealer order rates fell in line with user demand.