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Title:

Conference Call Transcript

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ACNB Corp.

Date:

2007

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$45

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Conference Call Transcript

CAT - Q1 2007 Caterpillar Inc. Earnings Conference Call

Event Date/Time: Apr. 20. 2007 / 11:00AM ET

CORPORATE PARTICIPANTS

Mike DeWalt

Caterpillar Inc. - Director IR

Doug Oberhelman

Caterpillar Inc. - Group President

CONFERENCE CALL PARTICIPANTS

Jamie Cook

Credit Suisse - Analyst

David Bleustein

UBS - Analyst

Terry Darling

Goldman Sachs - Analyst

David Raso

Citigroup - Analyst

Andrew Obin

Merrill Lynch - Analyst

Joel Tiss

Lehman Brothers - Analyst

Mark Koznarek

Cleveland Research - Analyst

Seth Weber

Banc of America Securities - Analyst

Robert Wertheimer

Morgan Stanley - Analyst

Ann Duignan

Bear Stearns - Analyst

PRESENTATION

Operator

Good morning, ladies and gentlemen, and welcome to the Caterpillar first-quarter 2007 earnings results conference call. At this time, all participants have been placed on a listen-only mode and we will open the floor for your questions and comments following the presentation. It is now my pleasure to turn the floor over to your host, Mike DeWalt. Sir, the floor is yours.

Mike DeWalt - Caterpillar Inc. - Director IR

Thank you, and good morning, everybody, and welcome to Caterpillar's first-quarter conference call. I'm Mike DeWalt, the Director of Investor Relations. I'm pleased to have Caterpillar Group President Doug Oberhelman and our CFO Dave Burritt with me on the call today.

Just a reminder. This call is copyrighted by Caterpillar Inc. Any use, recording, or transmission of any portion of this call without the express written consent of Caterpillar Inc. is strictly prohibited. If you would like a copy of today's call transcript, you can go to the SEC filings area of the investor section of the cat.com website; or go to the SEC's website, where it will be filed as an 8-K today.

In addition, certain information relating to projections of our results that we will be discussing today are forward-looking and involve risks, uncertainties, and assumptions that could cause actual results to materially differ from the forward-looking information. A discussion of some of those factors, individually or in the aggregate, that we believe could make our actual results differ materially from projections is discussed here and can be found in our cautionary statement under Item 1A of our Form 10-K filed with the SEC on February 23.

Before we get started on the quarter, just a reminder. We will be holding our 2007 analysts meeting with Jim Owens, our Chairman and CEO, this coming Monday afternoon in Munich, Germany, at Bauma. We still have open seats for the meeting. If you would like to register, please call [Angela Tolbert]. Our IR contact information is on the cat.com website.

Okay, on to the quarter. Earlier this morning, we reported solid first-quarter results. In fact, it was our best first quarter ever for sales and revenues and profit per share. All in all, it was a pretty good quarter, especially when you consider the headwinds we all knew were coming, with weakness in construction in the US, particularly for housing, and the severe drop in on-highway truck engines.

In terms of the numbers, sales and revenues were just over $10 billion and profit per share was $1.23. Sales and revenues were up about 7% and profit per share rose $0.03 from last year.

Let's focus for a minute on the improvement in sales and revenues from the first quarter last year because it is a story with significant positives, but also a couple of significant negatives. Again, overall, we were up $624 million, and that is despite a decline in North American Machinery and Engines sales volumes, excluding Progress Rail, of $996 million. That is almost $1 billion of downsized news in North America for the quarter.

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