Caterpillar Inc. today reported first quarter profits reached a new record high on a 38% year-over-year (YOY) increase to $581 million on $8.34 billion of revenue.
Engine sales were $2.39 billion in 1Q 2005, marking a 29% YOY jump. Sales of on-highway truck engines increased 33% as OEMs successfully increased line rates to serve an ongoing expansion and replacement cycle driven by aging fleets, high freight demand, and improved profitability within the trucking industry, Cat said.
“These record results are further evidence of the strength of the many global markets we serve and of our ability to successfully meet this continuing strong market demand, said Cat chairman & CEO Jim Owens. “Commercial construction and housing in most countries will create even further demand for our products and services.”