Caterpillar sees sales slide but boosts 2009 profit forecasts

Caterpillar Inc.’s second-quarter profit tumbled on slumping sales ofheavy equipment and the cost of workforce cuts, but the heavy equipmentmaker saw signs that the global economy is starting to stabilize aftera prolonged slide.

Caterpillar Inc.’s second-quarter profit tumbled on slumping sales of heavy equipment and the cost of workforce cuts, but the heavy equipment maker saw signs that the global economy is starting to stabilize after a prolonged slide.

Caterpillar boosted its 2009 profit forecast, citing evidence that government stimulus plans, particularly in China, are beginning to work. Global equipment sales — Caterpillar's largest source of revenue — plunged by 49 per cent, led by a 61 per cent decline in Europe, Africa and the Middle East and followed by a 51 per cent drop in North America.

 
 
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