Caterpillar, GE Report Rising Profits

Posted July 22nd, 2011 at 10:35 am (UTC-5)
Leave a comment

The world's largest construction and mining equipment company reported a 44 percent increase in profits Friday.

While earnings grew, they fell short of Wall Street expectations and the stock price fell after the report.

Caterpillar said its expected sales and profits were hurt by Japan's multiple disasters and slowing demand in China.

GE saw its stock price rise after reporting an 18 percent increase in profits, which was better than analysts had predicted. GE's second quarter earnings were more than $3.7 billion.

The huge conglomerate makes everything from loans to jet engines, so its financial performance gives analysts some clues about the overall health of the economy.