Caterpillar (CAT) Pops Higher on Record Q3 Sales, EPS Results; Boosts FY11 Outlook
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Price: $815.39 --0%
Financial Fact:
Cost of goods sold: 6.53B
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Financial Fact:
Cost of goods sold: 6.53B
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Caterpillar (NYSE: CAT) is moving sharply higher in pre-market trading Monday, following record third-quarter results and a boosted outlook from the machinery giant.
Revenue in the quarter for CAT rose 41 percent to $15.716 billion, from $11.134 billion in the same quarter last year.
Net profit ripped 44 percent from $792 million last year to $1.141 billion, or $1.71 per diluted share.
Excluding the impacts of the recent acquisition of Bucyrus Int'l, and net profit was a more robust $1.93 per share, though revs would move to $14.581 billion.
Overall, the Street was looking for revenue of just $15.03 billion and earnings of $1.55 per share.
"This was the best quarter for sales in our history, and our order backlog is at an all-time high," commented CEO Doug Oberhelman. "Excluding Bucyrus impacts, this was also our best profit quarter in history, and year-to-date operating profit as a percent of sales was higher than any full year in more than three decades. Machinery and Power Systems operating cash flow has also been very positive, with the first nine months of the year better than any full year in our history."
CAT also noted that Machinery and Power Systems debt-to-capital ratio was 41.1 percent, down 150 basis points from 42.6 percent at the end of the second quarter of 2011.
Sales improved globally, fueled by higher deliveries to end users.
Looking ahead, CAT raised its fiscal 2011 sales outlook from $56 to $58 billion to about $58 billion, and earnings from an range of $6.25 to $6.75 per share to about $6.75 per share. The Street is currently looking for revs of $57.92 billion and earnings of $6.59 per share. Further, CAT sees sales improving 10 to 20 percent in 2012 over 2011's expected $58 billion in revs, indicating a potential range of $63.8 billion to $69.6 billion, versus expectations for $65.88 billion. The company noted that its outlook for 2012 includes a full year of Bucyrus-related sales of about $5 billion, up from a partial year of about $2 billion in 2011.
CAT also said it sees the global economy growing 3 percent in 2011, from 4 percent of growth recorded in 2010.
Shares are 4.6 percent higher Monday morning.
Revenue in the quarter for CAT rose 41 percent to $15.716 billion, from $11.134 billion in the same quarter last year.
Net profit ripped 44 percent from $792 million last year to $1.141 billion, or $1.71 per diluted share.
Excluding the impacts of the recent acquisition of Bucyrus Int'l, and net profit was a more robust $1.93 per share, though revs would move to $14.581 billion.
Overall, the Street was looking for revenue of just $15.03 billion and earnings of $1.55 per share.
"This was the best quarter for sales in our history, and our order backlog is at an all-time high," commented CEO Doug Oberhelman. "Excluding Bucyrus impacts, this was also our best profit quarter in history, and year-to-date operating profit as a percent of sales was higher than any full year in more than three decades. Machinery and Power Systems operating cash flow has also been very positive, with the first nine months of the year better than any full year in our history."
CAT also noted that Machinery and Power Systems debt-to-capital ratio was 41.1 percent, down 150 basis points from 42.6 percent at the end of the second quarter of 2011.
Sales improved globally, fueled by higher deliveries to end users.
Looking ahead, CAT raised its fiscal 2011 sales outlook from $56 to $58 billion to about $58 billion, and earnings from an range of $6.25 to $6.75 per share to about $6.75 per share. The Street is currently looking for revs of $57.92 billion and earnings of $6.59 per share. Further, CAT sees sales improving 10 to 20 percent in 2012 over 2011's expected $58 billion in revs, indicating a potential range of $63.8 billion to $69.6 billion, versus expectations for $65.88 billion. The company noted that its outlook for 2012 includes a full year of Bucyrus-related sales of about $5 billion, up from a partial year of about $2 billion in 2011.
CAT also said it sees the global economy growing 3 percent in 2011, from 4 percent of growth recorded in 2010.
Shares are 4.6 percent higher Monday morning.
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