Caterpillar (NYSE:CAT) announced on Monday that it earned $1.7 billion during the third-quarter, up 49% from $1.14 billion in the same period last year. EPS came in a $2.54 a share, handily beating Wall Street, which expected earnings of $2.21 a share, the Associated Press noted.
For the quarter, the Peoria, Illinois-based company recorded revenue of $16.45 billion, up 4.6% from 2011, but falling short of the $16.64 billion that analysts had predicted.
Calling this year’s economic conditions in the U.S., China and Europe a “disappointment,” company officials lowered their earnings guidance for the full year to between $9 and $9.25 a share. They anticipate revenue of $66 billion for 2012. The new guidance disappointed analysts who had estimated earnings of $9.41 a share on revenue of $67.2 billion.
Looking forward, 2013 revenue was estimated at somewhere between 5% higher or 5% lower than 2012, due to a continued soft global economy. Company officials did not foresee a renewed global recession in the coming year, however.
Shares of Caterpillar slipped fractionally in early Monday trading.