Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Caterpillar posts higher second-quarter profit; sales fall

[July 24, 2014]  (Reuters) - Caterpillar Inc on Thursday reported higher-than-expected second-quarter earnings but sales fell despite a rebound in the building sector.
 

Caterpillar, the world's largest maker of earth-moving equipment, raised its full-year profit outlook to $5.75 a share, from $5.55 a share. The outlook was lifted, in part, by a $2.5 billion stock repurchase it said it would make during the current quarter.

Caterpillar posted a second-quarter profit of $999 million, or $1.57 a share, up from $960 million, or $1.45 a share, last year.

The Peoria, Illinois-based company, which also makes railroad locomotives as well as diesel and turbine engines, said sales fell 3 percent to $14.15 billion.

Analysts, on average, expected a profit of $1.52 a share on sales of $14.4 billion, according to Reuters estimates.

The stock fell 1.1 percent to $107.28 in premarket trade.

(Reporting by James B. Kelleher in Chicago; Editing by Jeffrey Benkoe)

[© 2014 Thomson Reuters. All rights reserved.]

Copyright 2014 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.