Construction and mining equipment supplier Caterpillar Inc. reported a 60 per cent increase in fourth quarter profits compared to last year, according to a story from the Associated Press.
The increase in profitability is attributed to a demand for new products and growth in developing countries.
The news came as a surprise to Wall Street financial experts who predicted much lower profits due to the economic crisis and political strife in Europe. Caterpillar is cautious of the situation in Europe but believes it won't affect sales.
"It just depends on how much longer the chaos in southern Europe goes on," said Edward Rapp Caterpillar chief financial officer said in a statement. "It's been going on a long time and hasn't tanked the place yet. We don't think it will."
Caterpillar's sales were $1.55 billion and $2.32 a share, up from $968 million and $1.47 per share compared to the same quarter last year.
The story here.
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