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Oct 23 2014, 3.19pm GMT


Caterpillar Increases 2014 Profit Per Share Outlook.

NYSE: 99.36 Up 4.8% (5.01%), Oct 23 10:24 AM ET

  • Profit per share of $1.63 for the third quarter of 2014, an increase from third-quarter 2013 profit per share of $1.45.
  • The third quarter of 2014 included a negative impact of $0.09 per share for restructuring costs.
  • Excluding restructuring costs, third-quarter 2014 profit per share was $1.72.
  • Third-quarter 2014 sales and revenues were $13.549 billion, up from $13.423 billion in the third quarter of 2013.
  • Expectations of 2014 sales and revenues are about $55 billion, the middle of the previous outlook range of $54 to $56 billion.

“We’re pleased with the third-quarter profit improvement considering world economic growth remains slower than we’d like. We’ve continued to focus on what we can control — cost management and operational execution. We continue on a Lean manufacturing journey and are focused on improving safety, quality, efficiency and inventory turns. We’re making progress and it is beginning to be reflected in our results. The diversity of the businesses we’re in and the strengthening of our operational performance have been key to helping us improve results and our competitive position in this weak economic recovery. Our broad geographic reach and manufacturing footprint help mitigate the impact of currency fluctuations. In fact, currency impacts were positive in the third quarter,” said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman.

“In addition to the profit improvement, we have a strong balance sheet and through the first nine months of the year, we’ve had good cash flow. So far this year, we’ve returned value to our stockholders by repurchasing $4.2 billion of Caterpillar stock and raising our quarterly dividend by 17 percent,” Oberhelman said.

“We are confident that, when we see more significant economic growth around the world, our consistent focus on operational performance will have prepared us to deliver even better results,” Oberhelman added.

2014 Outlook

The company now expects 2014 sales and revenues to be about $55 billion, the middle of the previous outlook range of $54 to $56 billion. While the mid-point of the sales and revenues outlook range has not changed, profit per share expectations for 2014 continue to improve.

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