Owens comments on future

Caterpillar's Chairman and CEO Jim Owens recently commented on the company's financial performance expectations for the future: "The 2009 economic outlook is extremely uncertain at this time, with substantial turmoil in financial markets and unprecedented government intervention around the world," Owens said. "Our current outlook for 2009 calls for sales and revenues to be about flat with our full-year 2008 results. In 2009 we expect pockets of strength in global mining, energy markets and in the area of emerging market infrastructure development to offset acute weakness in North America, Europe and Japan. Further, we are confident that our integrated service businesses, which have grown significantly this year, will offer revenue and earnings support in the coming year. That said, given the recent economic turmoil, we will issue our 2009 profit per share outlook with our year-end release in January. The world has experienced significant turbulence in financial markets, and we expect this will slow world economic growth over the next three or four quarters. While we are encouraged by the coordinated response by governments and central banks around the world and believe the actions they've taken will restore global liquidity, the depth and duration of economic decline and the timing and strength of the recovery are very uncertain. Caterpillar is prepared for volatility, and we remain very positive about our longer-term growth prospects. With our financial strength, global manufacturing and distribution network, our focus on the Caterpillar Production System powered by 6 Sigma and our diversified business portfolio, Caterpillar is poised to strengthen its global leadership position during this challenging period," Owens added.

Cat raises prices

The price of just about everything is rising, due largely to world oil prices, and by extension, gas and diesel fuel. So it's no surprise that it is going to cost you more to own a Cat. Caterpillar Inc., the largest maker of construction and mining equipment in the world, announced in a regulatory filing, that it is adjusting product and merchandising prices up to 5 percent. The action "is a result of current general economic conditions and industry factors," and is driven by continuing their long-standing commitment of providing optimal value to customers and stockholders. Caterpillar said details by product will be released to dealers in the coming weeks, and will vary across geographic regions and products. Your comment?

Cat growls louder

On May 21-22, Caterpillar held a press briefing in Peoria, Il., to introduce to the trade press a number of new equipment advancements and innovations. Pit & Quarry was of course on hand, with myself (see photo) and Senior Editor Brian Richesson in attendance. Of note to aggregates producers was the new 320D L, 320D LRR, and 321D LCR tracked excavators. We were of course treated like royalty by Cat's Sharon Holling and Johnny Campos. Look for more on these products in coming issues of Pit & Quarry. Your comment?

It's electric

It's electric! Caterpillar's mining division plans to start showing electric haul trucks to top customers as soon as later this year, and to introduce them commercially in late 2008, according to the company. "We have pilots running now. We're still a little ways away from delivering a commercial truck," said Chris Curfman, president of Caterpillar Global Mining. "We're going to be looking to the MinExpo in September 2008 for some fairly aggressive introductions." Competitor Komatsu already has an electric haul truck on the market, which it developed by forming a joint venture with a Mitsubishi subsidiary. Caterpillar is developing its electric trucks in-house. No word yet on whether or not the company will tarket the aggregates industry with the trucks. Your comment?