Caterpillar Inc. (NYSE: CAT) said Friday that its second-quarter profit rose to $1.015 billion, or $1.52 per share, compared to $707 million, or $1.09 per share, in the year-ago quarter. On an adjusted basis, the company earned $1.72 per share in the latest quarter. Revenue rose to $14.23 billion from $10.41 billion. Analysts, on average, expected the company to report earnings of $1.79 a share on revenue of $13.52 billion.
"Customer demand around the world continues to improve, and our sales and revenues reached an all-time record in the second quarter. Our employees, dealers and suppliers should feel great about the way they're responding to the increase in customer demand," said Chairman and Chief Executive Officer Doug Oberhelman.
The company boosted its fiscal 2011 earnings outlook. Caterpillar now expects sales and revenues in a range of $54 billion to $56 billion and profit per share of $6.75 to $7.25. Previously, the company expected revenue in the range of $52 billion to $54 billion and profit per share of $6.25 to $6.75.
Full Disclosure: None.