Caterpillar's 2Q profit jumps 34 percent

[July 22, 2008]  PITTSBURGH (AP) -- Caterpillar Inc., which makes tractors and backhoes, says its second-quarter earnings jumped 34 percent as stronger international sales outpaced higher raw material and freight costs.

The Peoria, Ill.-based company earned $1.11 billion, or $1.74 per share, compared with $823 million, or $1.24 per share, a year earlier.

Quarterly revenue rose 20 percent to $13.62 billion.

Analysts polled by Thomson Financial, on average, expected profit of $1.54 per share on revenue of $12.69 billion.

[Associated Press]

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