Caterpillar
New York (AFP) - Caterpillar reported a jump in profits Thursday as strong pricing for industrial machinery made up for lower volumes, enabling record shareholder payouts. Executives expect the benefit of the price increases -- which were implemented in the second half of 2023 -- to continue but "moderate" as the year progresses, said Chief Financial officer Andrew Bonfield on a conference call with analysts. The company sees costs as "broadly flattish" for the year, with lower freight expenses compensating for increases elsewhere, Bonfield said. Caterpillar, which manufactures and sells equip...
AFP
New York (AFP) - Caterpillar reported higher profits Tuesday behind strong pricing trends, especially in its home North America market, which led revenue growth. The industrial giant -- which manufacturers construction and mining equipment and other heavy goods -- reported a $2.8 billion profit, up 37 percent from the year-ago period. Revenues rose 12 percent to $16.8 billion at the company, seen as a bellwether among US industrials. Executives pointed to increased US government spending on infrastructure as a driver of robust construction spending along with greater investment in residential ...
AFP
New York (AFP) - Caterpillar reported strong second-quarter profits Tuesday behind robust demand for industrial equipment and an improving cost environment that boosted profit margins. The company -- an industrial bellwether tied to the construction, mining, energy and other sectors -- also offered an upbeat forecast, saying that 2023 profit margins would be "close to the top" of the forecast. Chief Executive Jim Umpleby said the results reflected "healthy demand across most end markets" for Caterpillar machines. "We're closely monitoring economic conditions, but we do feel good about the busi...
AFP
New York (AFP) - Caterpillar reported higher profits Thursday and offered an upbeat outlook on industrial conditions, but shares fell amid worries over weakening global growth. The maker of equipment for the construction, oil and gas and mining sectors reported $1.9 billion in profits in the first quarter, up 26 percent from the year-ago period on a 17 percent jump in revenues to $15.9 billion. "We have a healthy level of demand," Chief Executive Jim Umpleby said on a conference call with analysts. "We feel good about the market conditions." Revenues rose across Caterpillar's three industrial ...
AFP
New York (AFP) - Caterpillar reported a jump in fourth-quarter earnings Friday on surging demand for industrial equipment, but warned that supply chain problems will probably continue to weigh on results in 2022. The company, which manufactures and sells equipment to heavy industries such as construction and mining, saw higher sales across its businesses amid broad-based demand growth. But Chief Executive Jim Umpleby said on a conference call with analysts that the company's revenues would have been even higher had it not faced supply chain problems that pinched production. Umpleby said the co...
AFP
New York (AFP) - Caterpillar reported strong profits Thursday but highlighted potential supply chain problems as a risk and said there were still too many uncertainties to provide a full-year profit forecast. The industrial giant scored better-than-expected results in the first quarter, highlighting strong construction industry demand, especially in China. Executives also said they were bullish on the resources segment due to greater need for metals for electric cars and other items seeing increased demand. Caterpillar manufactures machinery for the construction, resource and energy industries...
AFP
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