Caterpillar's Profit Quadruples as Sales Soar

Thursday, 27 Jan 2011 09:41 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Caterpillar more than quadrupled its fourth-quarter profit as stronger demand helped increase global sales of mining and construction equipment.

The Peoria, Ill., based company said Thursday that it generated $968 million net income, or $1.47 per share. That's much higher than last year's $232 million net income, or 36 cents per share, but last year's fourth quarter was also hurt by layoff costs that consumed 5 cents per share of profit.

Caterpillar said its revenue jumped 62 percent to $12.8 billion in the quarter over last year's $7.9 billion.

Analysts surveyed by FactSet expected Caterpillar to report quarterly earnings per share of $1.27 on revenue of $11.7 billion.

The company predicts a 2011 profit of nearly $6 per share on more than $50 billion in sales. Analysts expected $5.84 a share on $48.6 billion.

Caterpillar shares rose 2.3 percent in pre-market trading.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 

You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved