PEORIA, Ill.— Engine maker Caterpillar Inc. showed a third-quarter profit of $0.64 per share, down $0.75 per share from the third quarter of 2008, the company reported today. Sales and revenues of $7.3 billion were down 44 percent from $12.9 billion in the third quarter of 2008, but profits were considerably higher than analyst predictions of 6 cents a share, according to Thomson Reuters.
“We believe the third quarter marked the low point for Caterpillar sales and revenues in what has been the toughest recession since the 1930s. We are seeing encouraging signs that indicate a recovery may be underway,” Chairman and CEO Jim Owens said in a statement. “However, the world economy is still facing significant challenges. There is uncertainty about the timing and strength of recovery.”
Despite that uncertainty, Caterpillar raised its full-year profit forecast to a range of $1.10 to $1.30 a share, compared with previous estimate of about 95 cents a share.
To read the company’s complete quarterly report, click here.