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Excavator maker $CAT said Doug Hoerr, VP of the Material Handling & Underground division, has decided to retire after serving the company for 24 years. Meanwhile, Tom Bluth, currently VP of the Surface Mining & Technology division, has been named Caterpillar’s CTO and VP of the Innovation & Technology Development division.
$CAT reported a 35% YoY rise in its 4Q17 revenue. This increase was mainly due to the increase in volume, driven by an increase in end user demand for new equipment across all regions. The largest increase came from North America, due to improved demand for construction equipment as well as onshore oil and gas equipment.
Maker of mining trucks $CAT plunged into loss in 4Q17 hit by a charge of $2.4Bil related to the U.S. tax reforms. The loss was $2.18 per share, compared with a loss of $2.00 per share in 4Q16. On a non-GAAP basis, the company reported earnings of $2.16. However, revenue surged more than 30% to $12.9Bil during the quarter.
$CAT expects Construction Industries sales for FY17 to be up 20% from 10-15%, mainly due to higher end-user demand across all regions. Sales for Resource Industries is expected to be up 30% versus 20-25%, mainly due to the higher expectation for aftermarket parts sales. Energy & Transportation sales is expected to be up by about 10% from 5-10%.
$CAT sales rose 25% YoY during 3Q17. This quarter also marked the strongest QoQ sales and revenue growth since 2011. Most of the increase in sales and volume was driven from higher end-user demand as well as the favorable changes to dealer inventory.
$CAT's sales across all regions increased during 3Q17 with Asia/Pacific reporting 31% increase in sales. Nearly half of the sales improvement came from China that was due to increased building construction and infrastructure investment. Sales improved 27% in North America.
Construction company $CAT's profit surged during 3Q17, helped by increased demand for equipment and strong sales in China. Profits seen a four-fold increase to $1.06Bil, or $1.77 per share during the qaurter, versus $283MM, or $0.48 per share in 3Q16. Revenue surged 25% YoY to $11.4Bil. Excluding restructuring costs $CAT earned $1.95 per share.
$CAT's BoD appointed Suzette Long as its general counsel and corporate secretary, with immediate effect. Long has provided interim leadership to $CAT's Law and Public Policy group since mid-February. The group she will lead includes Legal Services Division and Global Government & Corporate Affairs Division.
$CAT Group President and CFO Brad Halverson has elected to retire in early 2018, concluding a career spanning over three decades with the company. The company will launch a global, external search to fill the CFO position. Halverson will continue working into early 2018 to help ensure a smooth transition.
$CAT expects Construction Industries sales for FY17 to be up 10-15% compared to previous outlook of flat to up 5%. This is mainly driven by increased demand in China and North America. Sales for Resource Industries is expected to be up 20-25% and Energy and Transportation sales is expected to be up 5-10%.
During 2Q17, $CAT reported increased sales in its three primary product segments. Construction Industry sales were up 11% to $4.9Bil, helped by higher sales volume in Asia Pacific and Latin America. Resource Industries reported 21% growth in sales followed by Energy and Transportation that reported 5% growth in sales during the quarter.