- Created: Tuesday, 16 June 2009 08:57
- Published: Tuesday, 16 June 2009 08:57
Caterpillar CEO James Owens told shareholders last week he is confident that within five years the construction equipment manufacturer would be able to return to the record-setting revenue level set in 2008 when the company grossed $51.3 billion in revenue. After predicting in April that revenues could drop more than 30% this year, Owens said there is an 80% chance the company would top $50 billion again within five years. He added that Caterpillarís goal of exceeding $100 million in annual revenue by 2020 is still attainable.
Owens said infrastructure construction in developing countries will fuel demand for the companyís products, as evidenced by the fact that 66% of Caterpillarís 2008 sales came from customers outside of the United States.