US industrial giant Caterpillar has raised its full-year outlook as it reported a surge in profit in the third quarter of this year on strong revenues.
Caterpillar reported a $1.14 billion profit for the July-September period, up 44% from $792m in the same period last year.
Earnings per share excluding once-off items were $1.71, ahead of Wall Street expectations of $1.55.
The manufacturer of heavy construction equipment said its acquisition of Bucyrus, a US mining equipment maker, completed during the quarter, had affected its results. Excluding Bucyrus, earnings per share were $1.93, up 58% from a year earlier. Revenues rose 41% to $15.72 billion.
"I am pleased with how we're performing and optimistic about demand for our products, and that is why we are moving forward with needed investment in our business to support our long-term growth opportunities," said Doug Oberhelman, Caterpillar's chairman and chief executive.
Caterpillar, often considered a bellwether of the global economy, said its outlook for the full year had brightened. The company raised its 2011 revenue forecast to $58 billion, the top end of its previous guidance of $56-58 billion. Earnings per share for the entire year were now expected to come in at $6.75, at the top end of forecasts.
"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. We believe continued economic recovery, albeit a slow recovery, is the most likely scenario as we move forward," Oberhelman said.
The company added about 4,800 jobs in the third quarter, including more than 2,000 in the US. Since the beginning of 2010, Caterpillar has added more than 30,000 jobs to its global workforce, excluding the impact of acquisitions and disposals.
