Cat boasts record sales

Caterpillar has reported record sales of £5.3bn and a record profit of £435m for the second quarter of 2005.

Sales of machinery increased by £1.01bn, or 23% compared with the same period in 2004.

First half of the year results were also records, with company sales of £10.14bn and profit of £768m.

Caterpillar chairman and chief executive Jim Owens said: “Our worldwide markets continue to exhibit fundamental strengths for growth. However, we are aggressively pursuing improvement in all areas.”

The company has also revised its outlook for the rest of year and said sales will up 18% for year compared to 2004.

Caterpillar Financial Services has also reported record revenues of £336m for the quarter, an increase of £68.7m or 26% compared to last year.