Heavy equipment maker Caterpillar Inc. reported record 2011 sales, said its profit almost doubled and boosted its sales and earnings outlook for 2012.
Fourth-quarter net income rose to $1.6 billion, or $2.32 per share, from $968 million, or $1.47, a year ago. Sales rose to an all-time quarterly record $17.2 billion.
For the full year, Caterpillar earned $4.9 billion, or $7.40 per share, up from $2.7 billion, or $4.15. Sales soared 41% to $60.1 billion.
Caterpillar estimated its 2012 profit will be $9.25 per share, with $68 billion to $72 billion in revenue. The outlook includes about $6 billion in revenue from two acquisitions it made last year, Bucyrus International and Motoren-Werke Mannheim Holding GmbH.
The company said in a statement it was “still very tight on many products and are currently quoting extended delivery times for some products. For example, we are now quoting delivery times into 2014 for many models of large trucks.”
Caterpillar, which formerly made diesel truck engines, said in 2008 it was pulling out of the North American Class 8 truck engine market except for a truck and engine in partnership with Navistar International Corp.
The company sees the global economy to grow about 3.3%, with U.S. economy growing by at least 3% and China’s by 8.5%.
U.S. construction spending, which has been on the decline since 2004, should finally begin to recover, the company said.
