Caterpillar also recorded a profit per share of $2.54, the highest the company has ever achieved for a quarter, as well as sales and revenues totalling over $17 billion, up from $14.2 billion this time last year.
“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. They have helped deliver the highest level of financial performance for any quarter in our history for our stakeholders and outstanding value for our customers.”
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Oberhelman went on to state:
“Our global footprint, the breadth of industries we serve and our extensive line of products and services has helped us achieve these record-breaking results during this time of heightened economic uncertainty, and execution has been outstanding. 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.”
The CEO acknowledged the continuing crisis within the Eurozone, coupled with the growing economic concerns being experienced by China, but remained optimistic for the rest of 2012 and the following year because of growing markets elsewhere. Burgeoning economies, such as that of Brazil and Latin America, coupled with recent growth in Northern America and Sub-Saharan Africa is allowing companies the fiscal means to purchase new, or upgrade worn machinery and equipment, helping to boost sales.
“I am cautiously optimistic about the world economy in 2013, very positive on the long-term prospects for global growth and excited about the role Caterpillar will play in making that growth happen. After all, the road to progress...begins with a road.”