Heavy equipment maker Caterpillar Inc. posted better-than-expected quarterly earnings on Friday and raised its outlook for the full year, bolstered by strong sales to the mining industry.
Second-quarter profit rose to $1.046 billion, or $1.52 a share, from $760 million, or $1.08 a share, a year earlier.
Sales rose 13 percent to $10.605 billion.
Analysts, on average, expected the Peoria, Illinois-based company to report earnings of $1.42 a share on sales of $9.74 billion, according to Reuters Estimates.
Caterpillar said it now expects to earn between $5.25 and $5.50 a share for the full year, up from a previous forecast of $4.85 to $5.20.
Analysts, on average, expect $5.30, according to Reuters Estimates.
The company has enjoyed a string of strong quarters, thanks in part to sales to the global mining industry. Caterpillar makes a variety of vehicles, including giant dump trucks, wheel dozers and special underground haulers, used by open-pit and subterranean mining operations.
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