Caterpillar: Net income up as revenue falls

Caterpillar’s second-quarter net income rose 4.1 percent even as revenue slipped, the construction equipment company said yesterday as it boosted its full-year earnings forecast. Adjusted profit topped Wall Street’s view, but revenue fell short. Caterpillar earned $999 million (R10.5 billion) in the quarter, compared with $960m a year earlier. Removing restructuring costs, earnings were $1.69 a share and revenue dropped 3.2 percent to $14.15bn. Wall Street had expected $14.45bn. Caterpillar’s stock fell slightly in pre-market trading in New York yesterday. It now anticipated an adjusted profit of $6.20 a share for the year, up from a previous outlook of $6.10 a share. Analysts foresee $6.18 a share. – Sapa-AP