Posted on 23/07/08
Caterpillar profit soars on Asian sales
Caterpillar Inc. said second-quarter profit climbed 34 per cent on demand for backhoes and mining tools in China and the Middle East. Profit increased to a record $1.11-billion (U.S.), or $1.74 a share, from $823-million, or $1.24, a year earlier, the company said in a statement. Sales rose 20 per cent to $13.6-billion. Machinery and engine sales grew around the globe, led by a 52-per-cent gain to $2.24-billion in the Asia Pacific region. For the full year, Caterpillar now predicts profit of $6 a share, within the range of $5.64 to $6.18 it projected in October. Sales may now reach $50-billion, higher than the prior forecast of $47.2-billion to $49.-billion. CAT (NYSE) rose $1.75 to $74.98.
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