Cat Call

Monday, October 22, 2007 | 03:30 PM

Seeking Alpha has the full transcript of the Caterpillar conference call; if you haven't seen them yet, head over to:

Caterpillar Inc. Q3 2007 Earnings Call Transcript    

They are utterly sobering. It makes you wonder what other people are seeing when they claim the economy has little chance of a recession:

Caterpillar's CEO noted "This was the best quarter for sales and revenues ever, not just the best third quarter. In terms of profit per share, it was the best third quarter in our history and our second-best quarter of any quarter ever. . . The growth was driven by continued and significant strength in sales outside North America, continued strength in a number of key global end markets, like mining, oil and gas, and engines for electric power generation, marine, and industrial applications. Sales and revenues increased 36% in the Europe, Africa, Middle East region, 30% in Asia-Pacific, and 20% in Latin America."

So the following comments are not those of a CEO making excuses for poor performance:

"...sales and revenues in North America were down 11%. From an end market standpoint, inside North America, it is a very weak picture for many of the industries that we serve. U.S. housing is down and we expect it to continue its decline. Non-residential construction is weak. Coal mining and quarrying are down in the U.S. And on-highway truck engines are down significantly from last year and we do not see much sign of a major turnaround for awhile."

Housing is a drag on the U.S. economy, and the U.S. is a drag on the global economy . . .

via Dr. Duru

Monday, October 22, 2007 | 03:30 PM | Permalink | Comments (12) | TrackBack (1) add to | digg digg this! | technorati add to technorati | email email this post



TrackBack URL for this entry:

Listed below are links to weblogs that reference Cat Call:

» Opening Bell: 10.23.07 from
Nike to Buy Soccer-Shirt Maker Umbro for $580 Million (Bloomberg) Back when we were youngsters, kids couldn't get enough of Umbro's checkered soccer shorts. Seriously, they were the cool thing in school. We had a couple pair ourselves. Now... [Read More]

Tracked on Oct 23, 2007 8:12:40 AM


Housing may be a drag on the US economy, but the US export sector isn't

Posted by: Dave | Oct 22, 2007 4:04:43 PM

The comments to this entry are closed.

Recent Posts

December 2008
Sun Mon Tue Wed Thu Fri Sat
  1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31      


Complete Archives List



Category Cloud

On the Nightstand

On the Nightstand

 Subscribe in a reader

Get The Big Picture!
Enter your email address:

Read our privacy policy

Essays & Effluvia

The Apprenticed Investor

Apprenticed Investor

About Me

About Me
email me

Favorite Posts

Tools and Feeds

AddThis Social Bookmark Button

Add to Google Reader or Homepage

Subscribe to The Big Picture

Powered by FeedBurner

Add to Technorati Favorites


My Wishlist

Worth Perusing

Worth Perusing

mp3s Spinning

MP3s Spinning

My Photo



Odds & Ends

Site by Moxie Design Studios™