Caterpillar posts record profit
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Manufacturing News, Source : TheManufacturer.com
Published : 20 Apr 2005 18:06
Caterpillar Inc., has reported first quarter sales and revenues of $8.34 billion and recorded a profit of $581 million.
The world’s largest maker of heavy equipment, diesel and natural gas engines and industrial gas turbines saw their revenues jump 29 percent and profit shoot up by 38 percent compared to the same time last year. The main contributors to the profit increase were higher sales volume of $521 million and higher price realization of $250 million. Partially offsetting these favorable items were $489 million of higher core operating costs and $48 million of higher retirement benefits.
“We’re well positioned for growth and will continue to build on our record results, utilizing the power of 6 Sigma across the value chain to further increase supply chain efficiencies and performance. While we still face selected industry-wide issues associated with material availability, our suppliers have responded and material availability is improving steadily,” said Chairman and Chief Executive Officer Jim Owens.
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