A MANUFACTURING firm has announced a 44 per cent rise in its quarterly profits.
Caterpillar, which employs more than 1,200 people across the region and has a major base in Peterlee’s North West Industrial Estate, has exceeded analyst expectations with the results.
The U.S. company has also said it expects full-year profit and revenue to be at the top end of its previous outlook, with improvement down to demand and orders at record levels.
Next year, it expects revenue to increase between 10 per cent and 20 per cent above the £35billion in sales it predicts this year, although it is continuing to make contingency plans for a potential downturn.
The plant machine making company has recruited 200 new staff in Peterlee in the last two years after previously cutting 400 posts as the recession struck the construction industry.