Caterpillar Inc. has reported first-quarter 2003 sales and revenues of $4.82 billion and profit of $129 million or 37 cents per share.
Sales and revenues of $4.82 billion were up 9% compared to $4.41 billion in the first quarter of 2002. Sales and revenues increased due primarily to currency-related price realization and some higher volume in truck engines and machines.
Profit of $129 million or 37 cents per share increased 61% compared to $80 million or 23 cents per share in the first quarter of 2002. Profit was up due to the favorable impact of improved operating efficiencies, better price realization (excluding currency) and higher volumes.
Commenting on the quarter, Caterpillar Chairman and CEO Glen Barton said, "In this challenging and uncertain business environment, Caterpillar people around the world continued to demonstrate flexibility and sustained emphasis on cost reduction."
Caterpillar recorded a substantial improvement this quarter in its percentage of industry sales for heavy-duty truck engines.
"We continue to invest in innovations such as our new clean-diesel engines with ACERT technology. Customer reaction to our ACERT technology reflects the marketplace's perception that we made the right choice," said Barton.
"Looking forward, we must view these positive results cautiously against a backdrop of continuing political unrest and delayed economic recovery, Barton said. "Our outlook has improved somewhat, but given the degree of uncertainty in the business environment, the balance of the year will prove challenging. We expect sales and revenues for 2003 to be flat to up 4%. Full-year profit per share is expected to range from $2.20 to $2.30," Barton said.
More information is available at www.CAT.com.
Sales and revenues of $4.82 billion were up 9% compared to $4.41 billion in the first quarter of 2002. Sales and revenues increased due primarily to currency-related price realization and some higher volume in truck engines and machines.
Profit of $129 million or 37 cents per share increased 61% compared to $80 million or 23 cents per share in the first quarter of 2002. Profit was up due to the favorable impact of improved operating efficiencies, better price realization (excluding currency) and higher volumes.
Commenting on the quarter, Caterpillar Chairman and CEO Glen Barton said, "In this challenging and uncertain business environment, Caterpillar people around the world continued to demonstrate flexibility and sustained emphasis on cost reduction."
Caterpillar recorded a substantial improvement this quarter in its percentage of industry sales for heavy-duty truck engines.
"We continue to invest in innovations such as our new clean-diesel engines with ACERT technology. Customer reaction to our ACERT technology reflects the marketplace's perception that we made the right choice," said Barton.
"Looking forward, we must view these positive results cautiously against a backdrop of continuing political unrest and delayed economic recovery, Barton said. "Our outlook has improved somewhat, but given the degree of uncertainty in the business environment, the balance of the year will prove challenging. We expect sales and revenues for 2003 to be flat to up 4%. Full-year profit per share is expected to range from $2.20 to $2.30," Barton said.
More information is available at www.CAT.com.
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