PEORIA, Ill. — Caterpillar Inc. announced all-time record second-quarter 2012 sales and revenues of $17.37 billion, a 22-percent increase from second-quarter 2011 sales and revenues of $14.23 billion. Profit per share in the quarter was $2.54, also an all-time quarterly record, and a 67-percent increase from second-quarter 2011 profit per share of $1.52. Profit was $1.69 billion in the quarter, an increase of 67 percent from $1.02 billion in the second quarter of 2011.
“I am very pleased with Caterpillar's record-breaking performance in the second quarter,” said Caterpillar chairman and CEO Doug Oberhelman. “Our employees, dealers and suppliers across the globe are doing a superb job of executing our strategy. They have helped deliver the highest level of financial performance for any quarter in our history for our stockholders and outstanding value for our customers.
“Our global footprint, the breadth of industries we serve and our extensive line of products and services has helped us achieve these record-breaking results during this time of heightened economic uncertainty, and execution has been outstanding. Whether you look at cost control, delivery performance, safety, quality, new product introductions or margin rates, Caterpillar's operational performance in the quarter was excellent. It's what drove second-quarter profit and is providing a solid foundation as we balance our positive long-term view of the world economy with the high level of uncertainty we're all seeing today.”
The sales and revenues outlook range for 2012 is now $68 to $70 billion with profit of about $9.60 per share at the middle of the sales and revenues outlook range. The previous outlook for sales and revenues was a range of $68 to $72 billion with profit of about $9.50 per share at the middle of the sales and revenues outlook range.
The adjustment to the high end of the sales and revenues outlook is a result of weaker economic conditions in much of the world and about $1 billion of negative currency impacts. Since the introduction of the company's outlook in January of 2012, the U.S. dollar has strengthened and has negatively impacted Caterpillar's sales and revenues outlook as its sales in currencies other than the U.S. dollar are translating into fewer U.S. dollars.
“Caterpillar's success in 2012 is occurring despite U.S. construction activity that remains depressed and well below the prior peak, the problems facing Eurozone economies and economic concerns in China,” Oberhelman said. “While we're expecting a record year in 2012, we understand the world is facing economic challenges, and if it becomes necessary, we are prepared to act quickly as we did in late 2008 and 2009. While we're prepared, the good news is, this doesn't feel like 2008. Interest rates are low, central banks are prepared to inject more liquidity if needed, and housing is coming off lows, not a peak, and seems to be improving.”
Cat Financial reported second-quarter 2012 revenues of $668 million, a decrease of $7 million, or 1 percent, compared with the second quarter of 2011. Second-quarter 2012 profit after tax was $104 million, a 3-percent decrease from the second quarter of 2011.
New retail financing in the second quarter of 2012 was $3.8 billion, an increase of $938 million, or 32 percent, from the second quarter of 2011.