Caterpillar's profit up 67 percent on strong sales

CBS

(AP) PEORIA, Illinois - Caterpillar Inc. (CAT) says its quarterly profit soared 67 percent because of strong global sales of its construction and mining equipment, and the company boosted its outlook for the year.

Caterpillar said Wednesday that it generated $1.7 billion in net income, or $2.54 per share, in the second quarter. That's up from $1.02 billion, or $1.52 per share, a year ago.

The company says its revenue increased 22 percent to $17.37 billion from last year's $14.23 billion.

Analysts surveyed by FactSet expected Caterpillar to report earnings per share of $2.28 on $16.98 billion revenue.

Caterpillar now expects earnings per share of $9.60 in 2012. That's up from a prediction in April of $9.50, but Caterpillar tightened its revenue forecast for the year.