Caterpillar Inc. raised its full-year outlook after second-quarter total sales and revenue increased 24% to $20.54 billion, driven by continued demand for construction equipment, engines and generators.

The company now expects full-year sales and revenues growth in the mid-to-high teens range, up from a prior forecast of low double-digit growth. Caterpillar also said it expects tariff costs for the year to come in around $2.2 billion, or the low end of its previously forecasted range.

Known for its giant yellow dump trucks, bulldozers and other heavy machinery, Caterpillar reported higher profit and sales in the latest quarter. The improved outlook reflects strong market conditions across its core segments.

Analysts note that Caterpillar's performance often serves as a bellwether for global economic activity, given its extensive reach in construction and mining sectors worldwide.