10/21/2010 11:40:00 AM
Heavy equipment maker Caterpillar Inc. said Thursday its third-quarter net income jumped 96%, due in part to strong sales in developing countries.
Its profit rose to $792 million, or $1.22 per share, up from $404 million, or 64 cents, a year ago.
Sales rose 53% to $11.13 billion, from $7.3 billion last year.
It also boosted its 2010 outlook, saying sales and revenue will be $41 to $42 billion, with a profit of $3.80 to $4 per share. Thatâ€™s up from its previous $39 to $42 billion revenue and $3.15 to $3.85 per-share forecast.
Caterpillar, which formerly made diesel truck engines, said in 2008 it was pulling out of the North American Class 8 truck engine market except for a truck and engine in partnership with Navistar International Corp.
Â© 2010, Transport Topics Publishing Group. All rights reserved.