Caterpillar reports 2Q earnings

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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.

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