Caterpillar’s earnings beat expectations
Caterpillar’s second-quarter profit soared 67 percent to $1.7 billion, beating expectations, because of growing demand for its construction and mining equipment. Sales increased 22 percent to $17.37 billion, rising in every region worldwide on higher prices, volumes and last year’s acquisitions of mining equipment maker Bucyrus and engine maker MWM.
Caterpillar’s results are watched closely because they are considered an indicator of industrial activity and the health of the overall economy. The company raised its 2012 profit forecast.