Caterpillar Sales Improve in May - Analyst Blog
21 Junho 2011 - 12:11PM
Zacks
Caterpillar Inc. (CAT) recently reported sales
statistics for the month of May, indicating a strong month in which
sales shot up 52% on a year-over-year basis, across the globe.
However, after registering global sales growth of 66% in the month
of April, the highest so far in 2011, the sales weakened in the
reported month.
Region-wise, the company registered the maximum improvement in
Europe, Africa, and the Middle East with a 65% year-over-year
increment. Latin America followed with a 60% improvement year over
year. Rest of the world and North America were at 52% and 54%,
respectively.
In Reciprocating & Turbine Engine Retail Statistics, sales
were up 21% year over year globally. Electric Power reported the
maximum increase of 45% year over year, followed by Industrial,
with a 32% year over year climb and Petroleum up 12% year over
year.
However, Marine sales remained static at 27%. The sector remains
the only weak link in Caterpillar's growth story. Sales growth in
this category has been negative since September 2009.
During the recently reported first quarter, Caterpillar’s
revenues surged 57% to $12.95 billion, surpassing the Zacks
Consensus Estimate of $11.20 billion. The increase in revenues was
attributed to continued economic growth and improvement from the
low levels of machine demand in the first quarter of 2010.
We expect Caterpillar to maintain its revenue growth trajectory
aided by growth in emerging markets as well as construction and
mining activities in developing countries. Increased domestic and
international infrastructure spending, improved economic conditions
and benefits from the yet-to-be closed acquisitions will support
revenues over the next several years.
For 2011, Caterpillar expects revenues in the range of $52
billion to $54 billion and EPS between $6.25 and $6.75, the highest
annual profit in the company’s history. However, the outlook does
not take into account the acquisitions of MWM Holding GmbH or
Bucyrus International Inc. (BUCY) as these buys
are yet to be closed. We currently have a Zacks #1 Rank (short-term
Strong Buy recommendation) on the stock.
Peoria, Illinois-based Caterpillar Inc. is the manufacturer of
construction and mining equipment, diesel and natural gas engines,
and industrial gas turbines. One of the few leading U.S. companies
in an industry that competes globally from a principally domestic
manufacturing base, Caterpillar operates three divisions –
Machines, Engines and Financial Products. The company competes with
the likes of CNH Global NV (CNH), Komatsu
Ltd. (KMTUY) and Volvo AB (VOLVY).
BUCYRUS INTL A (BUCY): Free Stock Analysis Report
CATERPILLAR INC (CAT): Free Stock Analysis Report
CNH GLOBAL NV (CNH): Free Stock Analysis Report
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