Caterpillar is reporting an 5 percent increase in first quarter sales and revenue. The company says last quarter's sales and revenue amounted to $13.5 billion. Fourth quarter adjusted profit was $3.25 per share. That’s up 19 percent from the same quarter last year. Caterpillar says the share profit is a first quarter record.
Chairman and CEO Jim Umplebe credits the company’s growth strategy and improved operations for the record results. The Deerfield-based company says increased demand for equipment and services fueled first quarter sales and revenue. The North America and Asia/Pacific regions recorded the largest sales gains.
The company repurchased $751 million in company stock in the first quarter and paid $494 million in dividends.
Caterpillar increased its 2019 outlook to a range of $12.06 to $13.06 per share.