Since its inception over 80 years ago, Caterpillar has grown to be the world's largest maker of construction and mining equipment, diesel and natural gas engines, and industrial gas turbines.
Caterpillar says sales rise 13% in June-August period
Construction equipment maker Caterpillar (NYSE:CAT) reported revenue growth for the three month period that ended in August, thanks to sales growth in North America and Asia-Pacific regions.
The company reported a 13 per cent increase in world-wide sales in the three months to the end of August.
Caterpillar makes everything from diesel engines to excavators, mining trucks and underground mining equipment.
In North America, retail sales of machines rose 24 per cent in the three month period to August and were up 27 per cent in the Asia Pacific region in August, the Peoria, Illinois-based company said in a U.S. regulatory filing Friday.
Sales dropped five per cent in Latin America in August, and remained unchanged in Europe, Africa and the Middle East.
Shares lost 0.56 per cent to reach $92.02 on the New York Stock Exchange Friday.
In July, Caterpillar posted a 67 per cent increase in second-quarter profit amid sharply higher sales, which prompted the company to raise its earnings outlook.
Net earnings, in the second quarter, rose to $1.69 billion, or $2.54 per share, compared with the $1.01 billion in profit, or $1.52 per share, in the prior-year period.
Sales of the economic bellwether reached $17.3 billion, up 21 per cent from the $14.2 billion posted last year.
But it cut its fiscal 2012 sales forecast due to weaker economic conditions and currency headwinds.
Caterpillar now expects revenue to come in at $68 to $70 billion, down from its previous view of $68 to $72 billion. Analysts expect sales of $69.2 billion for the year.