Caterpillar raises 2015 profit forecast despite oil plunge
(MENAFN) US heavy equipment manufacturer Caterpillar raised its 2015 profit forecast amid warnings that it expects tougher times ahead in its oil-related business, Arab News reported.
Caterpillar, which provides equipment for the construction, mining and oil sectors, notched first-quarter earnings of USD1.1 billion, up 20.5 percent from the year-ago period.
Key factors behind the improvement included a one-time gain of USD120 million from the sale of a stake in a logistics business and lower restructuring costs compared with 2014.
"We delivered solid results for the first quarter of this year. Our focus on operational improvement is helping in what is a tough time for some of our important cyclical businesses," CEO said.
Caterpillar, which provides equipment for the construction, mining and oil sectors, notched first-quarter earnings of USD1.1 billion, up 20.5 percent from the year-ago period.
Key factors behind the improvement included a one-time gain of USD120 million from the sale of a stake in a logistics business and lower restructuring costs compared with 2014.
"We delivered solid results for the first quarter of this year. Our focus on operational improvement is helping in what is a tough time for some of our important cyclical businesses," CEO said.
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