Caterpillar (CAT) Reinforces Long-Term Profit Outlook

Caterpillar (NYSE:CAT) CEO Doug Oberhelman affirmed his outlook for the company for 2011, adding he also sees strong demand for company products for years into the future.

Oberhelman said, "With the opportunities we see around the world, we have a very bright future. We also have a strong financial position and a strategy that focuses on helping our customers win."

Mining equipment division head Steve Wunning added at the ConExpo-ConAgg trade show for the construction industry in Las Vegas, that he believes Caterpillar is in as good as a business as you can be in at this time, citing demographic trends; noting population growth and the need for additional infrastructure as a result.

Caterpillar executives said the company's success over the next several years will be determined by its ability to develop enough capacity in order to meet growing demand, while at the same time efficiently managing costs.

The company has two new plants they're planning to build in the U.S., with plans to expand at several other ones.

Projection by Caterpillar for 2011 profit are for close to $6 a share on over $50 billion in sales. They are in line to meet its goals for 2012 of $8 to $10 a share in profits on revenue of $55 billion to $60 billion.

Caterpillar closed Wednesday at $106.76, down $0.03, or 0.03 percent.