Caterpillar Reports Record Third-Quarter Sales and Revenues; Reaffirms Full-Year Outlook
Company maintains 2008 outlook of sales and revenues topping $50 billion and profit of about $6.00 per share
PEORIA, Ill.- Caterpillar Inc. (NYSE: CAT) today announced record third-quarter sales and revenues of $12.981 billion, 13 percent higher than third quarter 2007 sales and revenues of $11.442 billion. Profit per share for the third quarter 2008 was $1.39, down $0.01 from profit per share of $1.40 in the third quarter of 2007.
“We are pleased to have set a new third-quarter sales and revenues record, particularly considering the recessionary conditions in North America and growing weakness in Europe and Japan,” said Chairman and Chief Executive Officer Jim Owens. “Demand in emerging markets and commodity prices at levels that encourage investment in mining and energy have helped offset negative economic conditions in much of the developed world,” Owens added.
“Recent financial market turbulence has focused attention on the financial strength of businesses of all kinds,” Owens said. “Caterpillar has a strong balance sheet, a solid credit rating and we’ve had access to the capital we need to run our business. That includes our captive finance company, Caterpillar Financial Services Corporation (Cat Financial). We are pleased to report that despite difficult market conditions, Cat Financial has had good access to capital and continues to offer lending options to our customers. It’s a tough environment, but we have a conservative business model which prudently manages risk and a great team that’s executing well at Cat Financial. When the dust settles, I’m confident that our customers and stockholders will be well served by Cat Financial’s long-standing, sound lending practices,” Owens said…more at Cat.com