Asia Bizz: Caterpillar Inc., a US based heavy equipment industry, has now reported a stronger quarterly profit, something more than what they had expected. The company made a strong revenue by scaling sales in Asia and Latin America, specifically speaking in the developing countries. Caterpillar has been doing well in the US as well as Asia, as the demand of heavy construction vehicles around the globe is on a rise.
As per the company officials they have predicted the performance for the year 2011 will be around $6 a share, where it has currently reported to be around $5.86 a share. Today Caterpillar is the world largest company which manufactures heavy earth moving, and construction equipments and vehicles.
Caterpillar earned around $968 million for the current year, compared to the $232 million which it had earned last year. The profit for the company has almost quadrupled and this is something that has alarmed most of its competitors. The company owes its profit earning to most of the developing nations in Asia and Latin America.
Source: Reuters
