This rise from 2011’s $60.1bn was despite economic problems in the USA and Europe, and slower growth in China,
Reported profit for 2012 was £5.7bn, up 15% from $4.9bn in 2011.
Fourth-quarter 2012 sales and revenues were $16.1bn, down $1.1bn from $17.2bn in the fourth quarter of 2011. Profits took a big hit in the fourth quarter due to reduced production. At $697m they were less than half the $1.5bn reported in Q4 2011.
"From an operational standpoint, 2012 was a very successful year with record sales and profit in a tough economic climate,” said Caterpillar chairman and CEO Doug Oberhelman. “Considering the weak economy in the United States, along with much of Europe in recession and China slowing, we had a solid year. Our incremental operating profit pull through was very good, we made progress adjusting inventory levels, and our quality and safety indicators continued to improve."
He said that reduced production levels are likely to continue at least through the first quarter of 2013 until dealers had made progress with clearing their stock inventories.
Sales in 2013 are forecast to be somewhere between $60bn and $68bn. "The range of our 2013 outlook reflects the level of uncertainty we see in the world today,” Mr Oberhelman said. “We're encouraged by recent improvements in economic indicators, but remain cautious. While we expect some improvement in the U.S. economy, growth is expected to be relatively weak. We believe China's economy will continue to improve, but not to the growth rates of 2010 and 2011. We also remain concerned about Europe and expect economies in that region will continue to struggle in 2013."
He concluded: "If the recent improvement in economic indicators continues, 2013 could be another record year for Caterpillar. We expect the first half of 2013 will be weaker than the first half of 2012, with better growth in the second half. However, if, like the last two years, growth and confidence decline in the second half, 2013 could be a tough year. Either way, as we demonstrated with inventory reductions in the fourth quarter, our team is prepared to execute and deliver."
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