Caterpillar Inc. have posted a record third-quarter with 2012 sales and revenues of $16.445 billion, up 5% on third-quarter 2011 sales and revenues of $15.716 billion
Despite this the company has again cut it’s international outlook, just a month after the last downgrade.
2012 sales and revenues are expected to be about $66 billion, with profit in a range of $9.00 to $9.25 per share.
The previous outlook for sales and revenues was a range of $68 to $70 billion with profit of about $9.60 per share at the middle of the sales and revenues outlook range.
“Last quarter and then again a month ago at MINExpo, we discussed economic and geopolitical headwinds facing the world, and we are certainly continuing to see the impact of those uncertainties in our business,” says Doug Oberhelman, Caterpillar Chairman and Chief Executive Officer.
“Even so, we had a record third quarter, and our entire organisation is focused on finishing 2012 as the best year for sales and profit in our history,” he adds.
“Despite the turbulence in the global economy, we continue to track toward our goals on cost control, margin improvement, product quality, safety and better product availability for our customers.”
The decline in the sales and revenues outlook reflects global economic conditions that are weaker than Caterpillar had previously expected.
Karl Smith, CEO of Gough, Gough & Hamer (GGH) spoke to DIESELtalk in September at the time of the last global downgrade.
He says that while forecasts will be reflected in New Zealand, the degree to which this occurs is unknown.
Smith cited GGH’s varied operations in New Zealand, each experiencing different trading levels.
GGH expect the Christchurch rebuild to smooth the ripples caused by a general slowdown in New Zealand.
