Caterpillar is reporting a 20-percent jump in annual profit. The Deerfield-based company recorded $54.7-billion in sales and revenue last year, up from $45.5-billion in 2017.
The Deerfield-based company says sales and revenue reached $14.3 billion last quarter. Fourth quarter adjusted profit was $1.78 per share.
Company officials say 2019 profit is expected to increase to a range of $11.75 to $12.75 per share. Caterpillar Chairman and CEO Jim Umpleby says the outlook assumes a modest sales increase based on the current market environment. He adds Caterpillar will continue to focus on cost discipline, but the company expects to expand services to boost long-term growth.
Caterpillar says it repurchased $1.8-billion in company stock in the fourth quarter, bringing its 2018 total stock buyback to $3.8 billion.