Caterpillar Inc. today reported a second-quarter 2011 profit per share of $1.72, excluding $204 million in expenses related to the acquisition of Bucyrus, a 58 percent improvement from $1.09 a share in the second quarter last year.
Including the effect of Bucyrus, profit per share was $1.52, up 39 percent from last year’s second quarter. Profit was $1.02 billion in the second quarter this year, an increase of 44 percent from $707 million last year.
Sales and revenue of $14.23 billion were up 37 percent from $10.41 billion a year earlier.
Excluding the effect of Bucyrus, the company said it is raising expectations for 2011, expecting sales and revenues in a range of $54 billion to $56 billion and profit per share of $6.75 to $7.25. Caterpillar expects Bucyrus will add about $2 billion of sales in 2011 and negatively affect full-year profit by about 50 cents a share.
In total, including Bucyrus, the company expects sales and revenue in a range of $56 billion to $58 billion and profit per share of $6.25 to $6.75.
“While the economic recovery in the United States continues to be weaker than many expected, we’re forecasting continued moderate economic expansion. That, coupled with stronger growth in the developing world, is driving higher sales for Caterpillar,” chairman and CEO Doug Oberhelman said in a statement.
“While we expect moderate U.S. economic growth, we believe a lack of confidence in the business climate is the major impediment to a stronger recovery and job creation,” he added. “Lack of clarity on a U.S. deficit reduction plan, trade policy, regulation, much-needed tax reform and the absence of a long-term plan to improve the country’s deteriorating infrastructure do not create an environment that provides our customers with the confidence to invest. We’re confident that as a country we’ll eventually get it right, and we’re positioning Caterpillar to be ready when we do.”