Tags: US | Earns | Caterpillar

Caterpillar Raises Outlook as Profit Soars 91 Percent

Thursday, 22 Jul 2010 07:55 AM

Heavy machinery manufacturer Caterpillar says its second-quarter earnings shot up 91 percent on a big increase in sales of equipment for industries like mining, infrastructure and energy.

The company, considered a bellwether of industrial activity, also raised its 2010 outlook Thursday, saying orders are growing and production will increase in the second half of the year.

Caterpillar Inc. had net income of $707 million, or $1.09 per share. That was up from $371 million, or 60 cents per share of profit a year ago.

Sales rose 31 percent to $10.4 billion, with Caterpillar reporting gains in machinery sales in all four global regions it serves.

Analysts were looking for 85 cents per share of earnings on revenue of $9.8 billion.

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Heavy machinery manufacturer Caterpillar says its second-quarter earnings shot up 91 percent on a big increase in sales of equipment for industries like mining, infrastructure and energy.The company, considered a bellwether of industrial activity, also raised its 2010...
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