Caterpillar profits surge by 259%
Cat sets sight on growth as Middle East sales soar in 2010
Caterpillar, the world’s largest mining and construction manufacturer, recorded its best performance in years in the fourth quarter of 2010 as its profits increased by 259%. Boosted by favourable material and commodity prices and order backlogs, sales grew by 62% the company told analysts.
Sales in the European, Middle East and Africa (EMEA) region increased by 49% alone and 13% over the year, against total global sales of $42.6 billion, a 31% increase from 2009.
“Over the past quarter we have become somewhat more positive about economic growth in the developed economies of North America, Europe and Japan,” said Cat chief Mike DeWalt told analysts.
Looking to the year ahead, the company forecasted that sales in the EMEA will rise by 5%, as the company predicts growth in the global economy of more than 3.5% driven by a growth of 6.5% from developing economies.