Caterpillar Inc. today reported record-breaking 2011 sales and revenues of $60.14 billion, an increase of 41 percent from $42.59 billion in 2010.
Profit in 2011 was $4.93 billion, an increase of 83 percent from $2.7 billion in 2010. Profit per share of $7.40 was up 78 percent from $4.15 in 2010.
Fourth-quarter sales and revenues in 2011 were an all-time quarterly record of $17.24 billion, an increase of 35 percent from $12.81 billion in the fourth quarter of 2010. Fourth-quarter profit was $1.55 billion, compared with $968 million in the fourth quarter of 2010. Profit of $2.32 a share was 58 percent higher than the $1.47 a share in the fourth quarter of 2010.
“Our strategy is squarely focused on customers, and in 2011 our employees, suppliers and dealers delivered. We improved product quality, invested significantly in manufacturing capacity and product development and improved our market position. We completed two large acquisitions –– Bucyrus and Motoren-Werke Mannheim Holding GmbH –– in important growth industries that are a great strategic fit and provide our customers an even broader range of products,” Caterpillar chairman and CEO Doug Oberhelman said in a statement.
The 2011 increase in sales and revenues was the largest percentage increase in any year since 1947, with much of it driven by international sales, Oberhelman said, adding that 2011 was a record-breaking year for U.S. exports, at nearly $20 billion.
The outlook for 2012 sales and revenues has increased and is expected to be in a range of $68 billion to $72 billion, the company said. Profit per share is expected to be about $9.25 at the middle of the sales and revenues range.