A new report from U.S. Sen. Carl Levin, chairman of the Senate Permanent Subcommittee on Investigation, says Caterpillar Inc. avoided paying $2.4 billion in taxes by shifting billions of dollars in profits to a wholly owned Swiss affiliate.
Caterpillar Inc., based in Peoria, Ill., is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives.
Caterpillar Inc. reported that fourth-quarter sales and revenues were down 10 percent from 2012, but that profit-per-share beat expectations by rising from $1.04 in the fourth quarter of 2012 to $1.54 in 2013, largely because of the company’s machinery and power systems segment.
Caterpillar lowered its outlook for 2013 after reporting a drop in third-quarter sales and profits from the same period last year. The company said today that sales and revenues for the quarter that ended Sept. 30 were $13.4 billion, down from $16.4 billion in the quarter last year. Profit for the quarter was $946 million,…more
Caterpillar Marine Power Systems completed the acquisition of Johan Walter Berg AB, enabling the company to offer complete propulsion systems to the commercial marine market. Berg Propulsion, the company’s core brand, manufactures mechanically and electrically driven propulsion systems and marine controls for ships. All Berg Propulsion products will be rebranded as Caterpillar. The new Cat…more
Caterpillar Inc. is shaking up its strategy as three longtime vice presidents retired and four new vice presidents come on board. Steve Fisher, Steve Larson and Bill Rohner elected to retire, the company announced. The company’s board appointed four new officials from within and outside the company and is changing responsibilities for other vice presidents.…more
Caterpillar Inc. today reported declines in second-quarter sales and profits and lowered its outlook for the full year. Caterpillar said its profit for the quarter that ended June 30 was $960 million, or $1.45 a share, compared with $1.7 billion, or $2.54 a share, in the same quarter a year earlier. Sales and revenues fell…more
Caterpillar Marine Power Systems has introduced the Cat Powered Marine Hybrid System, a hybrid propulsion package applicable to all engine platforms. Developed with electrical specialists Aspin Kemp & Associates, the package uses AKA’s XeroPoint Hybrid marine propulsion system and provides fuel savings of as much as 25 percent and even emissions reductions. A recent California…more
Caterpillar agreed to buy Swedish company Johan Walter Berg AB, including its core brand of Berg Propulsion, a manufacturer of mechanically and electrically driven propulsion systems and controls for ships. With the acquisition, Caterpillar will transition from selling only engines and generators to providing complete propulsion package systems, the company announced. Headquartered in Ockero Islands,…more
Caterpillar Inc. lowered its outlook for 2013 after reporting first-quarter profits today that dropped 45 percent to $880 million, or $1.31 a share, from $1.59 billion in 2012. Revenue also dropped 17 percent, lower than analysts’ expectations. First quarter revenue and sales were $13.2 billion, a decline from $15.98 billion in the first quarter of…more
Caterpillar is expected to report its second consecutive drop in quarterly profits for the first time since 2009 when it reports first-quarter earnings. Caterpillar has been hurt by an “over-supplied commodity environment” and a slowdown in China’s industrial economy, SeekingAlpha.com reported Goldman Sachs’ Jerry Revich as saying. Earnings per share is forecast to slump to…more