Caterpillar Smashes Estimates, Sales Soar
PEORIA, Illinois (
) -
Caterpillar
(CAT)
smashed analysts' earnings estimates as sales skyrocketed by 62%.
Caterpillar reported fourth-quarter earnings of $968 million, or $1.47 a share, up from $232 million, or 36 cents a share, a year earlier. Sales rose to $12.81 billion.
Analysts surveyed by Thomson Reuters expected the heavy-equipment maker to earn $1.27 a share on revenue of $11.63 billion.
"As the global economy continued to improve, the demand for Caterpillar products increased substantially," said Caterpillar Chairman and CEO Doug Oberhelman, in a statement.
Caterpillar said it expects 2011 revenue to exceed $50 billion and profit to be near $6 a share. Caterpillar earned $4.15 a share in 2010 on revenue of $42.59 billion.
-- Written by Joseph Woelfel
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