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Caterpillar Posts Record First Quarter04-20-07 | News

Caterpillar Posts Record First Quarter

PEORIA, Ill. ?EUR??,,????'??+ Caterpillar Inc. has reported record first-quarter sales and revenues of $10.016 billion, which is up seven percent from $9.392 billion in last year’s first quarter.

“Despite major headwinds in North America related to housing and the sharp drop in demand for on-highway truck engines, Team Caterpillar stepped up to deliver a solid first quarter,” said Chairman and Chief Executive Officer Jim Owens. “While we expected a sales decline in on-highway truck engines and U.S. housing-related markets, the continued strength in most of the other industries we serve and exceptional growth outside North America helped us deliver good results in a tough quarter.”

Profit of $816 million was down $24 million from the first quarter of 2006. Higher core operating costs and a higher tax rate more than offset the favorable effects of improved price realization, a $46 million gain on the sale of a security and the addition of Progress Rail.

Owens said Caterpillar officials have revised the company?EUR??,,????'???s outlook for 2007 based on the first quarter results.

?EUR??,,????'??We expect full-year sales and revenues in a range of $42 to $44 billion, up from $41.5 billion in 2006, and profit in a range of $5.30 to $5.80 per share, up from $5.17 per share in 2006,?EUR??,,????'?? he said. ?EUR??,,????'??The previous outlook was for sales and revenues of $41.5 to $43.6 billion and profit per share of $5.20 to $5.70.?EUR??,,????'??