Peoria, Illinois-based Caterpillar Inc., the world's leading manufacturer of construction and mining equipment, announced Friday that Q1 2011 sales and revenues of $12.9 billion were up 57 percent over Q1 2010, and profit reached a record $1.225 billion in the quarter, an increase of 426 percent compared to the same period a year ago.
"I am very pleased with our first-quarter results-demand continued to improve, we increased production, cost control was excellent, and our operating profit margin improved," said Chairman and Chief Executive Officer Doug Oberhelman.
Due to the surge in Q1 profits, Caterpillar has raised its prospective Q1 outlook, but cautioned that while the 2011 outlook has improved, the increase would have been greater if not for the impact of the disaster in Japan. Caterpillar explained that while its facilities were not damaged by the earthquake and tsunami, many of the company's suppliers in Japan were impacted. As a result, Caterpillar is experiencing sporadic production disruptions at many of its facilities around the world.