Caterpillar--Caterpillar profits double for the third quarter

Caterpillar reported an almost doubling of profits to US$792 million for the third quarter of 2010 on revenues that were up 53% to $11,1 billion. The increase was driven by sales to Latin America, which almost doubled to $1,76 billion, as well as big increases in North America (up 55% to $4.3 billion) and Asia Pacific (up 51% to $2.25 billion). Sales to Europe, the Middle East and Africa rose by 31% to $2.6 billion.

Overall, machinery sales were up 84% to $7,2 billion, engine sales rose by 21% to $3,2 billion and financial products decreased by 5% to $682 million. Cat has increased its sales outlook for the year from the previously announced $39 to $42 billion range up to $41-$42 billion, and said that it expected 2011 sales to approach $50 billion, again helped by growth in developing economies. Sales in developed countries have improved substantially after deep declines in 2009.

Source: Main Pump