Caterpillar (CAT) Q1 Earnings Conference Call Highlights

Highlights from Caterpillar's (NYSE: CAT) Q1 Earnings Conference Call:

Michael DeWalt, Director of Investor Relations, said:

• Cat earned record revenues and profit per share, up about 18% from the same quarter last year.
  
• machine volume was up 11% and engine volume was up 13% over Q1
  
• "currency impacts increased sales $310 million..."
  
• "weakness in North America is more than offset by strong growth outside North America."
  
• 58% of Q1 sales came from foreign exposure, up from 53% a year ago.
  
• reaffirms its FY08 guidance "for the top line to be up 5 to 10% and profit per share to be up 5 to 15%." Sees a weakening North American market.
  
• costs are up compared to last year, but in-line with inflation.
  
• order backlog continues to be very strong.

Caterpillar, Inc. manufactures and sells construction and mining equipment, diesel and natural gas engines, and industrial gas turbines worldwide. [BCS]

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