Caterpillar Earnings Jump in 2Q; Company Raises Outlook for Year

Caterpillar Inc (CAT) reported second quarter earnings per share of $1.09, up from 60 cents per share in the second quarter of 2009. Second quarter profit was $707 million, a 91% increase from a year ago.

Sales and revenues increased 31% to 10.409 billion, from $7.975 billion in the year-ago quarter, the company said in a statement.

"We've been highly focused on three things this year-significantly increasing production in response to higher demand from our customers, particularly in developing economies, aggressively managing costs and driving better cash flow," said Caterpillar CEO Doug Oberhelman. "You can see the results in our second quarter."

The company raised its outlook for profit and sales in 2010. Caterpillar now expects sales and revenue in the range of $39 billion to $42 billion. It had previously forecast a range of $38 billion to $42 billion. Profit is expected to be in the range of $3.15 to $3.85 per share. The previous range was $2.50 to $3.25 per share.