Caterpillar Q1 sales up +18 percent

Caterpillar's sales for the first quarter of the year were US$ 11.8 billion, a +18% increase on the first three months of 2007. Its net profit for the period was US$ 922 million, a +13% increase on 2007. Both figures were a record for the company.

Commenting on the results, chairman and CEO Jim Owens said, "I am pleased to be able to report record results this quarter, particularly given the tough economic conditions we're experiencing in the United States."

Despite tough conditions in the US, Caterpillar's sales in North America rose +4% compared to the first quarter of 2007, to US$ 4.9 billion. However, stronger growth elsewhere in the world meant the proportion of its revenues generated outside North America rose to 58% compared to 53% 12 months previously.

Caterpillar saw the strongest sales growth in Asia Pacific, where its revenues increased +37% to US$ 1.65 billion. The Europe, Africa and Middle East (EAME) region was not far behind, with +30% growth taking revenues to US$ 3.81 billion. In Latin America Cat's sales were up +24% to US$ 1.23 billion.