January 31, 2012
Construction equipment sales up 45 per cent for Caterpillar
Caterpillar Inc. (NYSE:CAT) released its financial results Thursday, reporting a 45 per cent increase in construction equipment sales, from $13.572 billion in 2010 to $19.667 billion in 2011.
Total revenues for 2011 were $60.138 billion, up 41 per cent from $42.588 billion in 2010. All figures are in U.S. currency.
Sold under the Cat brand, Caterpillar’s construction equipment includes trucks, pavers, excavators, loaders and dozers.
Revenue for the Peoria, Illinois-based firm for the fourth quarter was $17.243 billion, up 35 per cent from $12.807 billion during the fourth quarter of 2010.
“Construction activity continued to grow in most developing countries,” Caterpillar stated in a press release. “In developed countries, despite a continued weak level of construction activity, sales increased. The increase was primarily a result of customers upgrading machine fleets by replacing older equipment and dealers refreshing equipment in their rental fleets.”
Profit for 2011 was $4.928 billion, up from $2.7 billion in 2010. Fourth-quarter profit increased year-over-year, from $968 million in 2010 to $1.547 billion in 2011.
On its balance sheet for Dec. 31, Caterpillar recorded total assets of $81.446 billion, including current assets of $38.128 billion, $7.08 billion in goodwill , $4.368 billion in intangible assets and $14.395 billion in property, plant and equipment. Total liabilities were $68.044 billion, including $28.561 billion in current liabilities, $10.956 billion for post-employment benefits, $8.415 billion in long-term debt due after one year for machinery and power systems and $16.529 billion in long-term debt due after one year in financial products.
Caterpillar predicts it will have sales in 2012 of $68 to $72 billion.
“We expect total U.S. construction spending, which, net of inflation, has declined since 2004, to finally begin to recover in 2012,” the company said. “We project a (1.5 per cent) increase in infrastructure-related construction and a (five per-cent) increase in non-residential building construction.”
The company is also expecting housing starts in the United States to exceed 700,000 in 2012, up from 607,000 in 2011.
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