Caterpillar's Net Soars on Strong Demand |
| Wall Street Journal - Jul 25, 2012 |
Caterpillar Inc.'s CAT -0.43%second-quarter earnings rose 67% as continued strong demand for construction and mining machinery in North America and expanded profit margins overcame slumping sales overseas.
The world's sales leader in bulldozers, excavators and other earth-moving machinery topped analysts' profit and revenue expectations for the quarter and raised its profit forecast for 2012. But the company trimmed the top end of its projected revenue range in recognition of weak economic and business conditions in much of the world and unfavorable currency exchange rates caused by the strengthening U.S. dollar.
"While we're expecting a record year in 2012, we understand the world is facing economic challenges, and if it becomes necessary, we are prepared to act quickly as we did in late 2008 and 2009," Chairman and Chief Executive Doug Oberhelman said in a statement, referring to the company's response to the 2008 recession. "The good news is, this doesn't feel like 2008."
Read Full Article from Wall Street Journal
- Posted: 2012-07-25 12:56:59
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