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Heavy Equipment
July 26, 2005
Caterpillar profits plow forward
PEORIA, Ill.
Caterpillar Inc., a maker of bulldozers and other heavy equipment, reported its second-quarter profit rose sharply as improved volume and prices lifted sales. The company also raised its full-year forecast, boosting its shares in pre-market activity.
Quarterly income rose to $760 million US, or $1.08 per share, from $566 million, or 80 cents per share, the year before. Caterpillar’s profit came in well ahead of the average target of $1.01 per share from analysts polled by Thomson Financial.
By segment, sales of machinery grew 25 per cent, engines increased 22 per cent and financial products expanded 19 per cent, Caterpillar said.
Caterpillar added that soaring raw-material costs drove an expected increase in core operating expenses.
Associated Press
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