Caterpillar Inc., Peoria, Ill., reported third-quarter 2003 sales and revenues of $5.55 billion and profit of $222 million or $0.62 per share.
Profit excluding a bond retirement charge was up 23% compared to third quarter 2002 at $262 million -- or $0.73 per share. The bond retirement resulted in a non-recurring charge of $40 million after-tax. Through the third quarter, sales and revenues were $16.3 billion and profit was $750 million or $2.15 per share.
Sales and revenues of $5.55 billion were up 9% compared to $5.08 billion in the third quarter 2002. The increase was primarily due to higher machinery volume of $226 million, a favorable currency impact on sales of $128 million (due mainly to the stronger Euro) and higher financial products revenues for the third quarter of $58 million, or about 15% compared to third quarter 2002.
"Our sales benefited from key market recoveries, as generally lower interest rates continued to spark construction spending and replacement buying. We also benefited from a recognized need for reliable energy, which fueled electric power demand," said Chairman and CEO Glen Barton. "During the quarter we continued to demonstrate our ability to respond to market fluctuations.
"We still expect 2003 sales and revenues to be up about 10%, but have raised our full-year profit outlook to be about $3 per share as a result of continued focus on cost control," Barton said. "Based on our preliminary outlook, 2004 company sales and revenues are expected to be up about 10% from 2003.
Caterpillar is the world's largest maker of construction and mining equipment, diesel and natural gas engines and industrial gas turbines. More information is available at www.cat.com.
Profit excluding a bond retirement charge was up 23% compared to third quarter 2002 at $262 million -- or $0.73 per share. The bond retirement resulted in a non-recurring charge of $40 million after-tax. Through the third quarter, sales and revenues were $16.3 billion and profit was $750 million or $2.15 per share.
Sales and revenues of $5.55 billion were up 9% compared to $5.08 billion in the third quarter 2002. The increase was primarily due to higher machinery volume of $226 million, a favorable currency impact on sales of $128 million (due mainly to the stronger Euro) and higher financial products revenues for the third quarter of $58 million, or about 15% compared to third quarter 2002.
"Our sales benefited from key market recoveries, as generally lower interest rates continued to spark construction spending and replacement buying. We also benefited from a recognized need for reliable energy, which fueled electric power demand," said Chairman and CEO Glen Barton. "During the quarter we continued to demonstrate our ability to respond to market fluctuations.
"We still expect 2003 sales and revenues to be up about 10%, but have raised our full-year profit outlook to be about $3 per share as a result of continued focus on cost control," Barton said. "Based on our preliminary outlook, 2004 company sales and revenues are expected to be up about 10% from 2003.
Caterpillar is the world's largest maker of construction and mining equipment, diesel and natural gas engines and industrial gas turbines. More information is available at www.cat.com.
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