Caterpillar CEO Predicts Return to Record Sales Levels Within Five Years

June 12, 2009
Caterpillar CEO James Owens told shareholders last week he is confident the construction equipment manufacturer would be able to return to the record-setting revenue level set in 2008 within five years when the company grossed $51.3 billion in revenue.

Caterpillar CEO James Owens told shareholders last week he is confident the construction equipment manufacturer would be able to return to the record-setting revenue level set in 2008 within five years when the company grossed $51.3 billion in revenue. After predicting in April that revenues could drop more than 30 percent this year, Owens said there is an 80 percent chance the company would top $50 billion again within five years. He added that Caterpillar’s goal of exceeding $100 billion in annual revenue by 2020 is still attainable.

Owens said infrastructure construction in developing countries will fuel demand for the company’s products, as evidenced by the fact that 66 percent of Caterpillar’s 2008 sales came from customers outside of the United States.