Peoria Public Radio News
7:53 am
Thu April 24, 2014

Cat reports first quarter results for 2014

Caterpillar is reporting profits in the face of flat sales for the first quarter of 2014. The company’s profit per share was a $1.61 excluding restructuring costs. It’s a thirty cent increase from the same time last year. Sales and revenues were just more than 13-point-two-billion dollars.

Caterpillar CFO Brad Halverson says having a diverse portfolio allows the company to remain profitable. He says the Engine and Transportation Group performed well and the Construction Industries portion of the company had a huge quarterly showing. 

"So having good profitability in our core product line is great for us. It's good for our balance, and we think that'll continue to maintain kind of in the double digit area for them. We're performing extremely well now, (but) when mining recovers things are going to get significantly better for us."

Cat plans to keep its annual sales and revenue forecast of 56-billion dollars. But it’s increasing its outlook for profit per share to $6.10. That number does not include restructuring costs and is up 25-cents from the previous outlook.