Caterpillar Inc. reported a first-quarter profit of $922 million, or $1.44 a share, an increase from $880 million, or $1.31 a share, in the first quarter of 2013.
First-quarter 2014 sales and revenues were $13.24 billion, about flat with $13.21 billion in the quarter last year. Increases in construction industries and energy and transportation were offset by declines in resource Industries.
“Given the business and economic uncertainties around the world and continuing decline in our mining sales, I am pleased with our performance in the first quarter,” Caterpillar chairman and CEO Doug Oberhelman said in a statement. “We understand we don’t control the economy and have instead focused on what we can improve. We’re lowering costs, improving cash flow and driving value for our customers through the continued deployment of our lean manufacturing initiatives.”
The company’s outlook for sales and revenue remains unchanged at $56 billion in a range of plus or minus 5 percent.
Although the sales-and-revenue outlook range remains unchanged, the company is increasing its 2014 profit outlook by 25 cents a share.
Excluding restructuring costs of 17 cents a share, the company’s profit per share was $1.61 for the quarter. Profit in the first quarter of 2013 was $1.31 a share.
The machinery, energy and transportation operating cash flow was $1.9 billion in the first quarter, compared with $1.1 billion in the quarter last year.
Although the outlook for sales and revenue is unchanged overall, the company’s expectations for construction industries have improved, expectations for resource industries have declined and expectations for energy and transportation are unchanged.