Market recoveries pay off at Caterpillar

Caterpillar's third-quarter sales and revenues rose 9% compared with the same period in 2002. Profit - excluding a bond retirement charge - was up 23%.
Sales and revenues stand at £3.3bn compared to £3.07bn in 2002. The increase was attributed to machinery sales of £134m, a favourable currency impact on sales, and higher financial products revenues. Profit rose to £155m, but a bond retirement plan resulted in a final figure of £131m, up from £126m last year.
Chairman and chief executive Glen Barton said: "Our sales benefited from key market recoveries, as lower interest rates continued to spark construction spending and replacement buying. 2004 company sales and revenues are expected to be up about 10% on this year."
<F06E> A Committee for European Construction Equipment report predicts earthmoving equipment units sold in western Europe will fall 1% in 2004, before a 2% increase in 2005.
The UK and Irish markets will see a 9% increase in sales compared to 2002.