Caterpillar Posts $1.7 Billion Profit, Boosts Outlook

Heavy equipment maker Caterpillar Inc. Wednesday reported a $1.7 billion second-quarter profit and boosted its full-year earnings outlook.

Net income rose to $1.7 billion, or $2.54 a share, from $1.02 billion, or $1.52, a year ago. Sales jumped 22% to $17.4 billion.

Caterpillar, the largest maker of earth-moving equipment, boosted its full-year earnings outlook to about $9.60 per share, from its previous $9.50 forecast.

Sales will be in the range of $68 billion to $70 billion, in line with a previous $68 billion and $72 forecast, the company said.

Caterpillar, which formerly made diesel truck engines, said in 2008 it was pulling out of the North American Class 8 truck engine market except for a truck and engine in partnership with Navistar International Corp.