Monday, October 24, 2011
Economy: What Caterpillar Wants To Tell Us
Take of instance Caterpillar. The world’s largest construction and mining-equipment maker is a gauge for the global economy. This morning the industrial giant reported strong numbers: Profit jumped 44% compared to last year, revenues soared 41% and reached a new record. The multinational corporation also lifted its profit guidance for the whole year.
"This was the best quarter for sales in our history, and our order backlog is at an all-time high," said Chairman and Chief Executive Officer Doug Oberhelman, in a press statement. "Although there is a good deal of economic and political uncertainty...we are not seeing it much," he added. Caterpillar management expects that the world economy will grow 3% in 2011 and 3.5% in 2012.