Caterpillar Inc. is ramping up for several new capital construction projects following a record-setting second quarter of earnings.
Fueled by industrial market strength in mining, energy and infrastructure, the Peoria, Ill.-based company, the world’s largest construction and mining equipment maker, saw second-quarter profits increase 91% to $707 million, up from $371 million a year ago. Cat previously trimmed staff last year, cutting 20,000 jobs, or about 18% of its workforce. “We have streamlined our organization from the top down,” said CEO Doug Oberhelman during an August 19 investor call. “We think there is going to be fantastic growth in our industries in the future.”