PEORIA, Ill. -- Caterpillar Inc. has announced sales and revenues of $32 billion for 2009, a decrease of 37 percent from $51 billion in 2008. Profit per share was $1.43, down 75 percent. Excluding redundancy costs of 75 cents, 2009 profit was $2.18 per share.

Fourth-quarter sales and revenues were $8 billion, down 39 percent from the fourth quarter of 2008. Profit per share for the quarter was 36 cents, down 67 percent from the fourth quarter of 2008. Excluding redundancy costs, profit for the fourth quarter was 41 cents per share.

"While the economy in 2009 was the worst our company has experienced since the Great Depression, I'm proud to report that Team Caterpillar responded in an extraordinary way," said Caterpillar Chairman and Chief Executive Officer Jim Owens. "We delivered solid profitability and cash flow and dramatically improved our balance sheet. In addition, we had continued access to debt markets, improved our liquidity position, expanded credit facilities and made a conscious decision to hold more cash. As a result, we maintained our dividend rate, made significant pension contributions and continued to invest in new products and selective new capacity. Our employees, dealers and suppliers in every region of the world pulled together to achieve these results, and we thank them for their hard work and sacrifice. As a result, we are exceptionally well-positioned for continued industry leadership and growth as the global economy recovers."

Sales and revenues for 2009 decreased $18.928 billion from 2008, and profit of $895 million was down 75 percent from $3.557 billion in 2008. The decline in profit was primarily due to significantly lower sales volume. The impact of lower volume was partially offset by lower costs, favorable income taxes and improved price realization.
Outlook

Caterpillar said it expects 2010 sales and revenues to be up 10 to 25 percent from 2009, and profit is expected to be about $2.50 per share at the midpoint of the sales and revenues range.