Caterpillar Inc., the world’s largest construction and mining-equipment maker, announced higher- than-expected third-quarter profit and sales and forecast strong demand through next year in a sign of optimism for the global economy . “We’re having a great year in 2011, and 2012 is shaping up to be better,” said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman.
According to a statement released earlier, for the third quarter results, net revenues are up with 44 percent versus last year, to $1.14 billion, or $1.71 a share, from $792 million, or $1.22. Sales increased 41 percent to $15.7 billion.
Profit is now expected to be $6.75 per share for the year, compared with a prior forecast of $6.25 to $6.75. Including the impact of Bucyrus, Caterpillar expects 2011 profit to reach $7.25 per share.
As per full year forecasts, Caterpillar forecasts sales of $58 billion in 2011. Its executives expect this up scaling trend to be continued in 2012, as revenue next year should increase up to 10 and 20 percent from 2011 to between $63.8 billion and $69.6 billion.
At the end of September, the company had about 149,000 employees, 20 percent more than in the previous year. Between June and September, the company hired nearly 5,000 people, most of them in the United States where unemployment is slightly more than 9 percent.
“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,” CEO Oberhelman said. “We believe continued economic recovery, albeit a slow recovery, is the most likely scenario as we move forward.”