Caterpillar reported record sales in its third quarter and predicting full-year results will come in at the higher end of its previous forecast.
The construction equipment and machinery maker recorded a third-quarter profit of $1.1 billion, up 44% from a year earlier, on $15.7 billion in sales that were up 41% from the prior year and set a new company record. On a per-share basis, profits of $1.71 were up 40% from $1.22 a year ago and easily topped the $1.54 consensus estimate.
Excluding costs related to the acquisition of mining equipment business Bucyrus International, Caterpillar earned $1.93 per share on sales of $14.5 billion.
Even more important than Caterpillar’s third-quarter results was the company’s outlook, which sounded a fairly upbeat tone. The company said it expects full-year 2011 earnings and sales to come in at the high end of its previous guidance, at $6.75 per share and $58 billion.
CAT is currently up 4.90 to 92.32
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