Caterpillar Profit More Than Doubles

Caterpillar Inc. reported second-quarter earnings of $139 million, more than double last year’s profit for the same period.

The second-quarter showing marked the Peoria, Ill.-based firm’s fifth consecutive profitable quarter after three years in the red, during which losses totaled nearly $1 billion. Earnings during the second period of 1985 were $50 million.

Dealer sales of earthmoving machines were substantially higher than in the year-earlier period.

In the first quarter, dealer sales were essentially unchanged, the company said.

Caterpillar said revenue increased 21% during the quarter ended June 30 to $1.99 billion from $1.6 billion in the comparable period a year ago.

First-half earnings were $285 million, up from a $20-million loss in the first half of 1985.

Revenue for the half totaled $3.7 billion, compared to $3.1 billion a year ago.

Caterpillar said additional cost reductions, as well as improved sales, contributed to the improved profit.