Caterpillar posts 11% profit growth
From Times Staff and Wire Reports
Caterpillar Inc., the world’s largest maker of bulldozers and excavators, said fourth-quarter earnings rose 11% as demand from China, Russia and South Africa helped overcome slower sales in the U.S., where recession is “a definite threat.”
Net income increased to $975 million, or $1.50 a share, from $882 million, or $1.32, a year earlier, the Peoria, Ill.-based company said. Sales gained 10% to $12.1 billion.
Overseas sales accounted for about 56% of the year’s $45 billion in revenue.
