Caterpillar Earnings Jump to $1.22 Per Share

Caterpillar Inc. (CAT) reported third quarter earnings of $1.22 per share, compared with 64 cents per share a year earlier.

Sales and revenue rose 53% to $11.134 billion, the company said in a statement.

"Third-quarter results continue to demonstrate our focus on aggressively managing costs and improving cash flow, while continuing to ramp up production to meet customer demand," CEO Doug Oberhelman said.

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"Continuing economic growth in the developing world has been key to improving sales," Oberhelman said.

Caterpillar boosted its outlook for 2010. The company now forecasts earnings per share of $3.80 to $4 per share, compared with a pervious outlook of $31.5 to $3.85.

The company forecasts 2010 revenue of $41 billion to $42 billion, compared with an original forecast of $39 to $42 billion.

"2010 is shaping up to be one of the most significant year-over-year increases in sales and revenues in our history," the statement said.