Caterpillar Profits Surge But Disappoint Wall Street
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.
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