Caterpillar Inc. far exceeded analyst expectations, reporting a 44-percent quarterly earnings increase and record revenue.
The Peoria, Ill.-based, company, which acquired Oak Creek-based Bucyrus International Inc. earlier this year and now maintains its world mining equipment headquarters in Wisconsin, said it expects full-year 2011 profit and revenue to be at the top end of its previous outlook range due to strong demand.
In 2012, the company expects revenue to increase 10 percent to 20 percent above the $58 billion in sales it expects this year.
"Although there is a good deal of economic and political uncertainty in the world, we are not seeing it much in our business at this point," Caterpillar chief executive officer Doug Oberhelman said. "We believe continued economic recovery, albeit a slow recovery, is the most likely scenario as we move forward."
The world’s largest heavy machinery manufacturer reported third-quarter net income attributable to common shareholders of $1.14 billion, or $1.71 per share, up from $792 million, or $1.22 per share, a year earlier.
Caterpillar’s quarterly sales rose 41 percent to $15.7 billion, which is a record.
Bucyrus’ sales were $1.135 billion in the third quarter of 2011, including $266 million in North America.
