Caterpillar said its second-quarter profits surged 44% from a year ago to $1.01 billion, but the results still fell short of analysts' expectations.
Revenues in the April-June period were $14.23 billion, which the company described as an all-time record, and an increase of 37% from second-quarter 2010 revenues of $10.40 billion.
Earnings per share came in at $1.72, failing to reach Wall Street analysts' consensus forecasts of $1.79. Shares of Caterpillar fell 5.7% in opening trade after the results were released.
Strong sales in Asia and other emerging markets -- notably China -- helped offset the impact of a weak economic recovery in the United States, chief executive Doug Oberhelman said in a statement.
|Caterpillar said it posted record revenues in the second quarter.|
"In our view, China is doing a good job of balancing growth and inflation, and our expectations for China remain positive."
The March earthquake and tsunami in Japan had a $200 million negative impact on Caterpillar's second-quarter sales and lowered operating profit by around $60 million, Oberhelman said.
Shares of Peoria, Ill.-based Caterpillar, which makes mining and construction equipment, are seen as particularly sensitive to global economic trends.
Copyright Agence France-Presse, 2011