SECURITY: CAT (Common)
EXCHANGE: New York Stock Exchange CURRENCY: US Dollar
Indice: DJI
For more than 75 years, Caterpillar
Inc. has been building the world's infrastructure, and in partnership with
Caterpillar dealers, is driving positive and sustainable change on every
continent. A Fortune 100 company, Caterpillar is the world's leading manufacturer
of construction and mining equipment, diesel and natural gas engines and
industrial gas turbines. The company is a technology leader in construction,
transportation, mining, forestry, energy, logistics, electronics, financing
and electric power generation
Cat
Financial Announces Record First Quarter 2007 Results
NASHVILLE,
Tenn., April 20 /PRNewswire-FirstCall/ -- Caterpillar Financial Services
Corporation (Cat Financial) today reported record first-quarter revenues
of $713 million, an increase of $56 million, or 9 percent, compared with
the same quarter in 2006. First-quarter profit after tax was a record $125
million, a $7 million, or 6 percent, increase over the first quarter of
2006.
Of
the increase in revenues, $36 million resulted from the impact of higher
interest rates on new and existing finance receivables, $22 million resulted
from the impact of continued growth of finance receivables and operating
leases (earning assets) offset by a $2 million decrease in other revenue
items.
On
a pre-tax basis, profit was up $9 million, or 5 percent, compared with
the first quarter of 2006. The increase was principally due to an increase
of $22 million in margin (wholesale, retail finance, operating lease and
associated fee revenues less interest expense and depreciation on assets
leased to others), offset by a $6 million increase in provision expense,
a $5 million increase in operating expenses and a $2 million decrease in
other revenue items. Of the increase in margin, $13 million was due to
an improvement in net yield on average earning assets, and $9 million resulted
from the growth in average earning assets over 2006 of $919 million.
New
retail financing was $2.74 billion, an increase of $119 million, or 5 percent,
from the first quarter of 2006. The increase was the result of increased
new retail financing, primarily in our Europe and Diversified Services
operating segments.
Past
dues over 30 days at March 31, 2007, were 2.06 percent compared to 1.58
percent at March 31, 2006, due primarily to the softening of the U.S. housing
industry. Write-offs, net of recoveries, were $15 million during the quarter
compared with $8 million for the first quarter of 2006. Although these
indicators reflect increasing trends over the prior year, they are in line
with management's expectations for 2007.
Caterpillar
Inc. Vice President and Cat Financial President Kent M. Adams said, "We
have focused on executing well, and these results demonstrate we are succeeding.
The results reflect the strength of Team Caterpillar in the diverse industries
we support."
Caterpillar
Inc. Announces 4Q06 Results
Caterpillar
Reports Highest Ever Fourth Quarter and Full-Year Sales and Profit; Reaffirms
2007 Outlook of Higher Sales and Profit
Full-year
sales and revenues up 14 percent, profit per share up 28 percent.
2007
outlook expected to be 4th consecutive year of record sales and profit.
PEORIA,
Ill. - Marking the fourth straight year of double-digit profit growth and
the third consecutive year of record sales and profit, Caterpillar Inc.
(NYSE: CAT) today reported 2006 sales and revenues of $41.517 billion and
profit of $3.537 billion, or $5.17 per share, up 28 percent from a year
ago. The company also reported a record fourth quarter with sales and revenues
of $11.003 billion and profit of $882 million, or $1.32 per share, up 10
percent from last year.
"2006
was an extraordinary year for Caterpillar. It was the best ever in terms
of top-line sales and revenues and profit. The commitment of our employees,
dealers and suppliers allowed us to achieve these financial results, and
I thank them for their hard work," said Chairman and Chief Executive Officer
Jim Owens.
For
the year, sales and revenues increased $5.178 billion—$3.321 billion from
higher sales volume, $1.464 billion from improved price realization, $315
million from higher Financial Products revenues and $78 million from the
effects of currency.
2006
profit increased $683 million from 2005. The increase was largely due to
improved price realization and higher sales volume, partially offset by
higher core operating costs.
For
the fourth quarter, sales and revenues increased $1.340 billion—$951 million
from higher sales volume, $190 million from improved price realization,
$146 million from the effects of currency and $53 million from higher Financial
Products revenues.
Fourth-quarter
profit increased $36 million from 2005. The increase was due to improved
price realization and higher sales volume despite an unfavorable geographic/product
mix of sales and was largely offset by higher core operating costs.
"What
Team Caterpillar was able to accomplish in 2006 is a reflection of the
diversity of the industries we serve, the global need for our products
and services and the strength of our partnership with our dealers and suppliers,"
commented Owens. "We took advantage of our financial success—including
strong cash flow—to fund growth in capacity, continue aggressive new product
development, complete the strategic acquisition of Progress Rail, increase
the dividend rate by 20 percent and buy back more than $3 billion in stock.
These actions will deliver long-term benefits for our customers, employees
and stockholders."
Outlook
In
2007, the company expects another record year with sales and revenues in
a range of $41.5 to $43.6 billion, which is flat to up 5 percent from 2006,
and profit in a range of $5.20 to $5.70 per share.
"I'm
anticipating great things for Caterpillar in 2007. Despite a sharp decline
in two key North American industries—on-highway truck engines and U.S.
housing—and an expected reduction in dealer inventories, we are projecting
another record year in 2007," Owens said. "We expect to improve profit
per share at a higher rate than sales and revenues, and that means a key
focus in 2007 will be cost management."
Looking
beyond 2007, Owens commented, "We're well-positioned to build on the extraordinary
results we've delivered over the past few years. Our investment in new
products has given us our strongest product line in history, and we're
continuing to invest in our facilities around the globe to add capacity
and improve our operations. Quality, velocity, process excellence with
6 Sigma and engaged employees are the foundations of our strategy to deliver
financial results through the end of the decade that should be very rewarding
to our stockholders—we are projecting sales and revenues in excess of $50
billion and compound annual growth in profit per share of 15 to 20 percent
from 2005 to 2010.
Caterpillar
Profit Per Share 41 Percent Higher Than Second Quarter 2005; Full-Year
Outlook Increased
Second-quarter
sales and revenues and profit were the highest for any quarter in Caterpillar's
history
Strong
demand continues in key industries
PEORIA,
Ill., July 21 /PRNewswire-FirstCall/ -- Today, Caterpillar Inc. (NYSE:
CAT) reported a 41 percent increase in profit per share on a 13 percent
increase in sales and revenues compared with the second quarter 2005. Sales
and revenues in the quarter were $10.605 billion, and profit was $1.046
billion, or $1.52 per share -- all were the highest for any quarter in
Caterpillar's history.
"We
had a spectacular second quarter with the strongest financial performance
we've reported since the 1960s. I couldn't be prouder of Team Caterpillar,"
said Caterpillar Chairman and Chief Executive Officer Jim Owens. "The fundamentals
remained strong in the industries we serve. We are hitting on all cylinders
and are again raising our full-year outlook. Customers have confidence
in our products, and sales continued to increase. Our performance in the
quarter was made possible by the hard work of our employees, dealers and
suppliers who are focused on meeting the needs of our customers."
Sales
and revenues increased $1.245 billion from second quarter 2005. The increase
was a result of $809 million of higher sales volume, $384 million of improved
price realization and a $73 million increase in Financial Products revenues.
Second-quarter
profit increased $286 million, or $0.44 per share, from second quarter
2005. The increase was largely due to improved price realization and higher
sales volume, partially offset by higher core operating costs to support
our growth.
First-half
2006 sales and revenues of $19.997 billion and profit of $1.886 billion,
or $2.72 per share, were also records. Operating cash flow in the first
half of 2006 was $1.948 billion, up $952 million from the first half of
2005. This strong cash flow allowed us to increase capital expenditures
to $552 million, acquire Progress Rail, keep our benefit plans well-funded,
announce a 20 percent dividend increase and repurchase 33.3 million shares.
"I
am delighted with what has been accomplished, but we still have work to
do. From an operational perspective, record demand has resulted in longer
delivery times for many of our products than we, or our customers, would
like," commented Owens. "We're continuing to work with suppliers and within
our factories to remove bottlenecks and increase production for a number
of our products. The entire Caterpillar supply chain has responded over
the past three years to support our unprecedented growth. 6 Sigma has been
a significant positive factor for ramping up production, managing our cost
structure and delivering record profitability."
Outlook
We
are raising our outlook for 2006 from previously reported levels. Sales
and revenues are now expected to be up 12 to 15 percent from 2005, including
about $600 million from the acquisition of Progress Rail. The profit outlook
has been adjusted to reflect an estimated profit range of $5.25 to $5.50
per share. The previous outlook reflected sales and revenues up about 10
percent and profit per share of $4.85 to $5.20.
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