Germany Chancellor plans lithium deal with Serbia after Rio ruling
Olaf Scholz plans to visit Serbia this week to secure supplies of lithium that are critical for the nation’s energy transition and auto industry.
Continued improvement in demand, a company-wide focus on effectively managing the ramp-up through the Caterpillar Production System, and focused cost management drove third-quarter sales and revenues and profit for Caterpillar Inc.
The company today reported third-quarter 2011 profit per share of $1.71, up 40 percent from $1.22 per share in the third quarter of 2010. Profit was $1.141 billion, an increase of 44 percent from $792 million in the third quarter of 2010. Sales and revenues of $15.716 billion, an all-time record for the company, were up 41 percent from $11.134 billion in the third quarter of 2010.
Excluding the impacts of the recent acquisition of Bucyrus International, Inc. (Bucyrus), profit was $1.93 per share, up 58 percent from a year ago. Sales and revenues excluding Bucyrus were $14.581 billion, up 31 percent from the third quarter of 2010. Excluding the impacts of Bucyrus, it was an all-time record quarter for both sales and revenues and profit.
“I am pleased with how we’re performing and optimistic about demand for our products, and that is why we are moving forward with needed investment in our business to support our long-term growth opportunities,” said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman.
“This was the best quarter for sales in our history, and our order backlog is at an all-time high. Excluding Bucyrus impacts, this was also our best profit quarter in history, and year-to-date operating profit as a percent of sales was higher than any full year in more than three decades. Machinery and Power Systems operating cash flow has also been very positive, with the first nine months of the year better than any full year in our history,” Oberhelman added.
