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CAT reports highest profits in company history

PEORIA, Ill. -- Caterpillar has reported a 41% increase in profit per share on a 13% increase in sales and revenues...


PEORIA, Ill. — Caterpillar has reported a 41% increase in profit per share on a 13% 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 CEO Jim Owens.

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.

“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,” Owens said. “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.”


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