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Caterpillar Reports Record 4Q, Annual Profit and Revenue
Diesel engine and heavy-equipment manufacturer Caterpillar Inc. its fourth-quarter profit rose 4% to a record $882 million or $1.32 a share, up from $846 million or $1.20 a share a year earlier.
Revenue for the quarter jumped 14% to $11 billion, also a record, Caterpillar said.For the full year, the company earned a record $3.5 billion or $5.17 a share, up from $2.8 billion or $4.04 billion in 2005. Revenue rose 14% to a record $41.5 billion.In its outlook for this year, the company said it would earn $5.20 to $5.70 per share, with revenue flat to 5% higher in a range of $41.5 billion to $43.6 billion.Engine sales rose 16% to $12.8 billion, while North American engine sales rose 22%, Caterpillar said.“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,” Chairman and Chief Executive Officer Jim Owens said in a statement.