Caterpillar’s 2Q Income Jumps on Higher Worldwide Sales

Heavy equipment maker Caterpillar Inc. said Thursday its second-quarter net income jumped 91% on higher worldwide sales of industrial equipment.

Its profit rose to $707million, or $1.09 per share, up from $371 million, or 60 cents, a year ago.

Sales rose 31% to $10.4 billion, led by a 34% jump in machinery and engine sales to $9.7 billion.

It also boosted its 2010 outlook, saying sales and revenue will be $39 to $42 billion, with a profit of $3.15 to $3.85 per share. That’s up from its previous $38 to $42 billion revenue and $2.50 to $3.25 per-share forecast.

Caterpillar, which formerly made diesel truck engines, said in 2008 it was pulling out of the North American Class 8 truck engine market except for a truck and engine in partnership with Navistar International Corp.