Caterpillar profit falls 66%, lifts top end of 2009 view

Caterpillar Inc. shares jumped 12% Tuesday after the heavy equipment maker posted a steep drop in second-quarter earnings that wasn't as bad as feared and also raised its outlook for the year.

At last check, the stock was up $4.41 at $41.06 and has rallied almost 21% in the past two sessions. The Dow component gained ground a day earlier after Merrill Lynch upgraded the shares to buy from neutral.

The Peoria, Ill.-based company reported a profit of $371 million, or 60 cents a share, down from $1.1 billion, or $1.74 a share, a year ago.

Excluding redundancy costs for cutting workers, profit totaled 72 cents a share. Redundancy expenses were $85 million before tax or 12 cents a share in the quarter.

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- Posted: 2009-07-21 10:38:02

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