ST. CHARLES, Ill., June 13 /PRNewswire-FirstCall/ -- At Caterpillar Inc.'s (NYSE:CAT) annual meeting of stockholders held today in St. Charles, Illinois, Chairman and Chief Executive Officer Jim Owens cited the company's continued strong global performance, financial growth and a positive industry outlook.
"2006 was Caterpillar's third consecutive year of record sales and profitability and fourth straight year of double-digit profit growth," said Owens. "With our growth in capacity, aggressive new product development, strategic acquisitions, dividend increase and stock repurchase, the company is delivering long-term benefits for investors, customers and employees."
Caterpillar delivered record financial results in 2006 and increased its 2007 outlook earlier this year. The company expects full-year sales and revenues in a range of $42 billion to $44 billion and profit in a range $5.30 to $5.80 per share. Owens told stockholders that Caterpillar is on track to reach its 2010 goal of more than $50 billion in sales and revenues and profit per share annual growth in the range of 15 to 20 percent.
"Good economic growth worldwide is driving demand for our products, so the long-term trends are positive for Caterpillar," he said. "We're well-positioned to deliver on our strategic goals because the company has significantly invested in new products, services and technologies as well as increased our global manufacturing capacity. Relentless execution is our overall focus and making good on the aggressive goals we've set."
Caterpillar has a comprehensive international manufacturing footprint with about 280 facilities located in 40 countries on six continents. Owens remarked that having a laser focus on achieving continuous improvement in safety, quality and velocity is key to achieving the enterprise strategy.
"That's why we're deploying the Caterpillar Production System, or CPS, to each of our facilities worldwide," Owens said. "CPS will establish Caterpillar as the pre-eminent global manufacturer of top-quality products. We'll produce them safely and faster than anyone else. CPS will also increase our efficiencies and therefore our manufacturing capacity."
Owens also discussed Caterpillar's sustainable development initiatives and the company's efforts to develop creative solutions for customers that protect and preserve the environment while improving their efficiency.
"Our customers are under increasing pressure to do more with less impact on the environment. That is, to increase production and lower fuel consumption as well as owning and operating costs," said Owens. "Caterpillar is committed to partnering with them and help make them successful and profitable."
Today's meeting of Caterpillar stockholders was held at the Q Center in St. Charles.
For more than 80 years, Caterpillar Inc. has been making progress possible and driving positive and sustainable change on every continent. With 2006 sales and revenues of $41.517 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines. The company also is a leading services provider through Caterpillar Financial Services, Caterpillar Remanufacturing Services, Caterpillar Logistics Services and Progress Rail Services. More information is available at http://www.cat.com.
Certain statements in this release relate to future events and expectations and as such constitute forward-looking statements involving known and unknown factors that may cause actual results of Caterpillar Inc. to be different from those expressed or implied in the forward-looking statements. In this context, words such as "will" and "expect" or other similar words and phrases often identify forward-looking statements made on behalf of Caterpillar. It is important to note that actual results of the company may differ materially from those described or implied in such forward-looking statements based on a number of factors and uncertainties, including, but not limited to, changes in economic conditions, currency exchange or interest rates; political stability; market acceptance of the company's products and services; significant changes in the competitive environment; epidemic diseases; changes in law, regulations and tax rates; and other general economic, business and financing conditions and factors described in more detail in the company's Form 10-K filed with the Securities and Exchange Commission on February 23, 2007. We do not undertake to update our forward-looking statements.
Source: Caterpillar Inc.