Caterpillar 2Q Profit Up 34%

Caterpillar Inc.’s second-quarter profit jumped 34% as stronger international sales outpaced higher raw material and freight costs for the company.  The Peoria, IL-based company reported profit of $1.11 billion, for the three months ending June 30, compared with $823 million, a year earlier.  Quarterly revenue rose 20% to $13.62 billion, from $11.36 billion, with sales shifting outside North America.  Caterpillar generated 60% of their quarterly sales and revenues outside of North America, which is up from 55% a year earlier.

“While North America remains depressed, and we’ve seen softening in Western Europe and Japan, Caterpillar continues to grow in emerging markets and in global industries like energy and mining,” Chief Executive Jim Owens said.

For the full year, Caterpillar said it expects sales and revenues of about $50 billion.