Business

Caterpillar 2Q profit rises, revenue declines

Posted July 24, 2014 1:01 am

Associated Press

PEORIA - Caterpillar's second-quarter net income rose 4.1 percent even as revenue slipped.

The construction equipment company's adjusted profit topped Wall Street's view, but revenue fell short. It also boosted its full-year earnings forecast.

Caterpillar earned $999 million, or $1.57 per share, in the quarter. A year earlier it earned $960 million, or $1.45 per share.

Removing restructuring costs, earnings were $1.69 per share. Analysts predicted $1.51 per share.

Revenue for the Peoria, Illinois, company dropped 3.2 percent to $14.15 billion from $14.62 billion. Wall Street expected $14.45 billion.

Caterpillar Inc.'s stock fell slightly in Thursday premarket trading.

It now anticipates a 2014 adjusted profit of $6.20 per share, up from a previous outlook of $6.10 per share. Analysts foresee $6.18 per share.

Caterpillar plans to buy back about $2.5 billion shares in the third quarter.

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