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Caterpillar has record quarterly profits

Wed, 25 Jul 2012 11:43:56 CDT
By: AP

Caterpillar Incorporated says its quarterly profit soared 67 percent because of strong global sales of its construction and mining equipment, so the company boosted its outlook for the year. The Peoria-based equipment maker says it generated $1.7 billion in net income, or $2.54 per share, in the second quarter. That's up from about a billion dollars, or more than a dollar a share above a year ago. The company says its revenue increased 22 percent to $17.37 billion from last year's $14.23 billion. That's above analyst expectations. Caterpillar now expects earnings per share of $9.60 in 2012 an increase of ten cents a share from predictions. But, Caterpillar tightened its revenue forecast for the year.

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