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Caterpillar 3Q Profit Soars, Raises Year View

Wed October 26, 2011 - National Edition

Caterpillar Inc. is raising its outlook for the full year as it reports a 44 percent jump in third-quarter profit, driven by surging exports of its machinery.

The construction and mining equipment manufacturer also said it is continuing to add jobs — nearly 5,000 between June and September alone.

The Peoria, Ill. company said it earned $1.14 billion, or $1.71 per share, compared with $792 million, or $1.22 per share, in 2010.

Revenue surged 41 percent to $15.72 billion.

Analysts were expecting a profit of $1.63 per share on $14.84 billion in sales.

Caterpillar predicts it will earn $6.75 per share on sales of $58 billion for the full year. It previously forecast profit of between $6.25 and $6.75 per share on revenue of $56 billion to $58 billion.