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Caterpillar Profit Drops 66% in Q2
PEORIA, Ill. (AP) -- Heavy equipment maker Caterpillar Inc. says its second-quarter profit fell 66 percent as the global recession continued to dampen sales of its machines and engines. But it boosted its 2009 profit outlook.

Caterpillar's broad reach and diverse line of products -- ranging from backhoes and bulldozers to turbines and cargo ship engines -- make it a bellwether of the global economy.

The company says it earned $371 million, or 60 cents per share, for the three months ended June 30. Peoria, Ill.-based Caterpillar earned $1.11 billion, or $1.74 per share, during the same period last year.

Revenue slid 41 percent to $7.98 billion.

Analysts polled by Thomson Reuters had expected 22 cents per share on revenue of $8.86 billion.

(Copyright 2009 by The Associated Press. All Rights Reserved.)
07 20 09 by Newsroom
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