Caterpillar Profit Nearly Doubles in 3Q

October 21, 2010

Caterpillar Inc.'s third-quarter profit surged 96% as machinery sales jumped sharply from last year's moribund level, helping the company post results that easily topped Wall Street's expectations.

Shares were up 2.9% to $82.18 in premarket trading as Caterpillar also lifted its full-year income target. The stock through Wednesday was up 40% this year.

The company now expects 2010 earnings of $3.80 to $4 a share, up from $3.15 to $3.85, and sees revenue at the top end of prior views.


--Wall Street Journal