Caterpillar's profits top £805m to break all records

Caterpillar's results for the nine months ending 30 September are the best in its history with reported sales of £11.8bn and profit standing at £805m.

The good news continued as the company also reported a record third quarter, with sales of £4.16bn up 38% on the same period last year, and a profit of £271m up from £150m in 2003.

The company claimed it is facing record and unprecedented demand from mining operators as excavation increases worldwide as a consequence of high metal prices. 

Caterpillar has also experienced a 96% increase in engine sales as a result of recent new product launches.

Jim Owens, Caterpillar chairman and chief executive officer said: "These results reflect our unwavering focus on serving customers. We will deliver record sales and profit this year."

"While global economic growth in 2005 is expected to slow slightly from this year's levels, the key sectors we serve should continue to show solid growth next year," Owens said.

Europe, Africa and the Middle East (EAME), the company's second most important market after North America, saw a 31% increase in sales volume.

According to director of public affairs for EAME, John Disharoon, the region's equipment sales increase was across the board, with all categories showing positive signs.