Summary Box: Caterpillar's 2Q profit up 44 percent

AP News
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Posted: Jul 22, 2011 2:58 PM
Summary Box: Caterpillar's 2Q profit up 44 percent

STRONG SALES: Caterpillar said strong demand for its heavy equipment, especially in developing countries, helped its second-quarter profit surge 44 percent to $1.02 billion, or $1.52 per share. Total revenue grew 37 percent to $14.2 billion.

BUT NOT STRONG ENOUGH: The cost of Caterpillar's Bucyrus acquisition reduced the company's quarterly profit and hurt the 2011 outlook. The quarterly results also fell short of Wall Street expectations.

POSITIVE PICTURE: Caterpillar officials remain optimistic about the company's long-term future because of the current strong demand for its equipment and the addition of Bucyrus, which gives the company a full line of mining equipment.