Caterpillar reports 2Q earnings

Author:
Updated:
Original:

Caterpillar today reported a second-quarter profit of $1.09 per share, an increase of 49 cents per share from a profit of 60 cents per share in the second quarter of 2009.

Profit of $707 million was 91 percent higher than the second-quarter 2009 profit of $371 million. Sales and revenues of $10.41 billion were up 31 percent from $7.98 billion in the second quarter of 2009, the company announced.

The company reported an increase in engine sales of $74 million, up 3 percent  over the second quarter of 2009.

"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," Caterpillar CEO Doug Oberhelman said in a statement. "You can see the results in our second quarter - sales and revenues increased substantially, operating profit as a percent of sales more than doubled, and machinery and engines operating cash flow and our debt-to-capital ratio strengthened.

"The increase in our sales from first to second quarter 2010 was one of the most significant quarter-to-quarter increases in our history," Oberhelman added.

Sales and revenues were up $2.43 billion from the second quarter of 2009.

The company is improving its outlook for 2010 by raising the sales and revenues range and increasing profit expectations. Sales and revenues are now expected to be in a range of $39 to $42 billion.

Related

Everglades Expands Executive Team

The Edgewater, Fla.-based manufacturer adds positions in finance, sales and marketing and operations.

Heed Caution While Refueling

Ethanol can be back in a big way, and insufficent labeling at the pumps could lead to problems for your marine powerplant. And the MRAA’s voices support for the 30 by 30 initaitive.

Training the Next Generation

Crest Pontoons will donate a complete boat and trailer to a local high school’s raffle to raise money for its vocational programs.

An “Above Average” Hurricane Season

BoatUS wants to help boaters get ready for the 2021 Atlantic hurricane season, which begins June 1.

Webasto Produces 8,000th Marine Roof

The German company designs and builds a number of glass roof solutions for boats.

A Strong Q2 for Johnson Outdoors

With jumps in nearly all its business segments, the recreation manufacturer saw net sales increase by 26 percent.

Thrust Issues

Is it time for the industry to standardize trolling motor ratings?