Sales in the fourth quarter were up 62% to $12.8bn.
With earthmoving equipment purchases coming at the very front end of projects, when Cat’s numbers rise, everything else tends to follow on eventually. It is regarded as one of the strongest indicators of the health of the global construction market.
Recovery for Cat in 2010 follows a lousy 2009 that saw it lay off thousands of employees as the after-effects of the Lehman Brothers collapse and the credit crunch were felt worldwide.
Cat expects 2011 to be close to a record year, with sales and revenues topping $50bn, which they have only ever done once before, in 2008, when they reached $51.3bn, before collapsing to $32.4bn in 2009.
“As the global economy continued to improve, the demand for Caterpillar products increased substantially with fourth-quarter sales and revenues up 62%. 2010 was a good year, and we accomplished a great deal,” said chairman and CEO Doug Oberhelman.
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