Caterpillar reports strong 2nd quarter earnings driven by high demand
Caterpillar is reporting strong earnings in the second quarter of the year.
Sales and revenues were $17.3 billion this year, according to a company earning report filed Tuesday with the U.S. Securities and Exchange Commission. That's a 22 percent increase from last year's second quarter earnings.
Caterpillar CEO Jim Umpleby says the numbers reflect healthy demand for Caterpillar products. The company is seeing higher sales volume of equipment.
Profit per share was $5.67, compared with $3.13 last year in the second quarter. The company repurchased $1.4 billion of Caterpillar common stock this past quarter.