Caterpillar Inc. (NYSE:CAT) announced Q2 profits of $2.54 per share, setting an all-time quarterly record for the US-based mining and construction equipment manufacturer. The earnings were a 67% increase from second-quarter 2011 profits of $1.52 per share. Cat also set a sales and revenue record of $17.3 billion, a 22% increase from the same period last year.
As quoted in the press release:
“I am very pleased with Caterpillar’s record-breaking performance in the second quarter. Our employees, dealers and suppliers across the globe are doing a superb job of executing our strategy. They have helped deliver the highest level of financial performance for any quarter in our history for our stockholders and outstanding value for our customers,” said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman.
However, as a result of weaker global economic conditions, Caterpillar narrowed the outlook range for sales and revenues and raised the profit outlook:
The sales and revenues outlook range for 2012 is now $68 to $70 billion with profit of about $9.60 per share at the middle of the sales and revenues outlook range. The previous outlook for sales and revenues was a range of $68 to $72 billion with profit of about $9.50 per share at the middle of the sales and revenues outlook range.