Caterpillar 1Q Profit Climbs; Outlook Raised |
| Wall Street Journal - Apr 26, 2010 |
Caterpillar Inc.'s (CAT) first-quarter revenue fell 11%, but the company swung to a higher-than-expected profit and moved up its sales and profit outlooks for 2010.
Caterpillar, the world's largest construction equipment maker by sales, said rebounding construction and mining activity, particularly in China and other developing countries, is increasing demand for its bulldozers, excavators and mining equipment.
"Economic conditions are definitely improving, particularly in the world's developing economies," said Chairman and Chief Executive Jim Owens, who is retiring as CEO in July and relinquishing the chairmanship at the end of October. "As a result, we are hard at work ramping up production to meet increasing demand from customers."
Caterpillar's stock was up 5.2% in recent trading at $72.37 a share.
The company raised its 2010 revenue and profit outlooks. It now expects to earn $2.50 to $3.25 a share on revenue of $38 billion to $42 billion. In January, the company forecast profit of about $2.50 a share on revenue of $35.6 billion to $40.5 billion.
Read Full Article from Wall Street Journal
- Posted: 2010-04-26 12:22:55
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