Caterpillar reports most profitable Q2 in history
Caterpillar's operational performance was excellent says CEO
Caterpillar has reported the most profitable quarter in the company's history.
Profits for the second quarter of the company's year increase to $1.7bn on the back of a 22% rise in revenues. Sales and revenues for the quarter were $17.4 billion, which was also a record. The company said that its recent acquisition of Bucyrus International added $1.2 billion to its revenues.
While sales in Europe were down, they increased in Middle East,the CIS and Africa. And in the Asia-Pacific region, strong sales to Australia's booming mining and infrastructure industries offset a slowdown in China.
In a trading update, Caterpillar said that it expects growth in the Middle East markets to exceed 4.5% for the whole of 2012. It also expects similar growth in Africa and CIS.
"I am very pleased with Caterpillar’s record-breaking performance in the second quarter. Our employees, dealers and suppliers across the globe are doing a superb job of executing our strategy," said Caterpillar chairman and CEO Doug Oberhelman.
"Whether you look at cost control, delivery performance, safety, quality, new product introductions or margin rates, Caterpillar’s operational performance in the quarter was excellent. It’s what drove second-quarter profit and is providing a solid foundation as we balance our positive long-term view of the world economy with the high level of uncertainty we’re all seeing today," he said.