Improving global economy, record U.S. exports and increased global demand are reasons behind a record-breaking year-end financial report for Caterpillar.
Cat reports a year-end profit of $4.9-billion, or $7.40 per share. That compares to 2010's profit of $2.7-billion, or $4.15 per share. Sales and revenue for the year totaled just over $60-billion.
Caterpillar spokesman Jim Dugan says those record U.S. exports totaled $20-billion. "We've announced come extensive expansion and facility growth both inside and outside the United States," Dugan tells 1470 WMBD. "We're investing for that long-term demand."
"Some products are already at capacity and we're pretty much selling everything we can make. That's a good problem to have."
Caterpillar is increasing its 2012 outlook to a profit per share of over nine-dollars on sales and revenue in the neighborhood of 68-to-72-billion dollars.
Caterpillar expects to spend 4-billion dollars in capital expenditures - such as plant renovation and construction - in 2012, half of that in the United States.
