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U.S. Caterpillar reports strong earnings in Q1

Updated:2010-04-27 15:26:27

U.S. Caterpillar Inc., the world's largest maker of construction and mining equipment, reported its first-quarter earnings of 233 million U.S. dollars on Monday, beating analyst expectations.

The Peoria, Illinois-based company reversed its last year's loss in a quarter weighed down by layoff costs and also offered an upbeat outlook for its business and the world economy.

Caterpillar's sales fell 11 percent overall to 8.2 billion dollars in the quarter, but in Asia, sales jumped 20 percent. During the quarter, it earned 36 cents per share, compared with a loss of 19 cents per share, a year earlier.

It said that it is ramping up production as the global economic recovery spurs demand for its heavy equipment, especially in commodity-rich developing countries.

Caterpillar's iconic yellow-and-black machinery is sold in so many places and used by so many industries that its results are considered an indicator of the overall health of the U.S. economy.

"We're in a revival. There's no doubt about it," Chief Financial Officer Dave Burritt said. "We're heading up, and it's driven by the emerging markets. No doubt."

The company has hired back about 2,000 people since eliminating 19,000 full-time jobs and about 18,000 contract and part-time workers last year.

After the company's earnings report, Caterpillar's shares jumped more than 5 percent to top 70 dollars for the first time since 2008 on the New York Stock Exchange. They closed up 2.87 dollars, or 4 percent, at 71.65 dollars.

 

 

Source:http://news.xinhuanet.com

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