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Caterpillar CEO Tells BLOOMBERG TV: Expects Strong Year in 2005
New York (ots/PRNewswire) -
- Exclusive Interview to Air on BLOOMBERG TV Tomorrow, Saturday, March 19
In a U.S. exclusive interview on BLOOMBERG TELEVISION(R), James Owens, Chief Executive Officer of Caterpillar Inc., stated that he expects a strong year in 2005 with profits likely rising about 25 percent. Mr. Owens also told BLOOMBERG TELEVISION that higher energy prices will help to spur new investment for natural resources, bolstering demand for Caterpillar's products.
"Fewer bottlenecks in manufacturing will allow us to improve our margins," Mr. Owens told Allan Dodds Frank of BLOOMBERG TELEVISION. He revealed on BLOOMBERG TELEVISION that he expects Peoria, Illinois-based Caterpillar to post another record year after earnings rose 85 percent to US$2.04 billion on a 33 percent revenue increase to US$30.3 billion in 2004.
Shipments by Caterpillar, the world's largest maker of mining and earthmoving equipment, climbed 50 percent last year as surging commodity prices boosted demand from the mining and trucking industries. Demand was "unprecedented," Mr. Owens told BLOOMBERG TELEVISION, with simultaneous increases in the mining, on-highway truck, oil and gas, coal and housing industries. Growth was strongest in Asia, South America and North America, he said.
"US$60 a gallon oil prices are good for Caterpillar and it's not problematic for the world economy," Mr. Owens told BLOOMBERG TELEVISION. As standards of living increase in developing countries, there will be a gradual increase in the price of energy, he said.
The entire U.S. television interview can be seen starting at 6:30am (EST) Saturday, March 19th on BLOOMBERG TELEVISION worldwide. It can also be viewed by Bloomberg subscribers via the BLOOMBERG TERMINAL.
Bloomberg is the leading global provider of data, news and analytics. The BLOOMBERG TERMINAL(TM) and Bloomberg's media services provide real-time and archived financial and market data, pricing, trading, news and communications tools in a single, integrated package to corporations, news organizations, financial and legal professionals and individuals around the world. Bloomberg's media services include BLOOMBERG NEWS(R), the global news service that includes more than 1,600 journalists in 103 bureaus worldwide; BLOOMBERG TELEVISION(R), the 24-hour business and financial network produced and distributed worldwide on 10 separate channels in seven languages; and BLOOMBERG RADIO(SM), which provides up-to-the-minute news on XM, Sirius and WorldSpace satellite radio around the world and on WBBR 1130AM in New York. In addition, Bloomberg Magazine Group and Bloomberg Press publish magazines and books for investment professionals. For more information please visit http://www.bloomberg.com .
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ots Originaltext: Bloomberg LP London
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Elizabeth Patella of Sloane & Company, +1-212-446-1870,
email@example.com, for Bloomberg