BOCA RATON, FL / ACCESSWIRE / May 24, 2018 / In the beginning of this month, Caterpillar, Inc. (NYSE: CAT) announced its board of directors has appointed Finance Services Division Vice President Joe Creed as interim CFO, a role he will assume in addition to his vice president duties.
"Joe's experience as vice president of the Financial Services Division makes him well suited to serve as interim CFO. He will bring the necessary leadership and continuity to this important transition," said Umpleby.
Earlier today, Joe Creed and Director, David Calhoun have executed shares of stock purchases valued at over $1 million.
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Creed joined Caterpillar (NYSE: CAT) in 1997 and has held numerous positions of increasing responsibility within Corporate Accounting, the Track-Type Tractors Division and Large Power Systems Division, where he served as the senior business resource manager. He then served as chief financial officer for the Energy & Transportation segment prior to becoming FSD vice president in 2017. Creed is a certified public accountant and holds a bachelor's degree from Western Illinois University.
With 2017 sales and revenues of $45.462 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives.
Caterpillar's (NYSE: CAT) financial position remains strong. During the first quarter of 2018, Machinery, Energy & Transportation operating cash flow was $948 million and the company repurchased $500 million of Caterpillar common stock. The company ended the first quarter of 2018 with an enterprise cash balance of $7.9 billion.
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"I'd like to thank our global Caterpillar team for outstanding results. The combination of strength in many of our end markets and our team's continued focus on operational excellence - including strong cost control - helped us deliver improved margins and a record first-quarter profit," said Caterpillar CEO Jim Umpleby.
Caterpillar (NYSE: CAT) provided a 2018 profit outlook range of $7.75 to $8.75 per share. The company is increasing its 2018 profit outlook by $2.00 per share to a range of $9.75 to $10.75 per share, primarily due to growing demand for products and services. The outlook includes about $400 million of restructuring costs, unchanged from the previous outlook. The revised outlook range for adjusted profit is $10.25 to $11.25 per share.
"Based on our strong first-quarter results and higher demand across all regions and most end markets, we are raising our outlook for 2018. We will continue to make targeted investments in expanded offerings and services, consistent with our strategy for long-term profitable growth," said Umpleby.
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SOURCE: Chasing Markets
