Caterpillar post strong Q2 profit as it raises prices

Associated Press

DEERFIELD, Ill. (AP) — Caterpillar is reporting a strong second quarter and it topped most profit expectations with higher prices for machinery offsetting rising costs. The manufacturer on Tuesday posted a quarterly profit of $1.67 billion, or $3.13. Per share earnings were $3.18 without one-time costs or benefits, which is 18 cents better than Wall Street had expected. The Illinois company had revenue of $14.25 billion, about in line analyst expectations.