Heavy equipment maker Caterpillar Inc. reported a $1.7 billion third-quarter profit, up 49% from the same quarter last year, and lowered its full-year earnings outlook.
Net income rose to $1.7 billion, or $2.54 a share, from $1.14 billion, or $1.71, a year ago. Sales increased 5% to $16.4 billion.
Caterpillar, the largest maker of earth-moving equipment, lowered its full-year earnings outlook to a range of $9 to $9.25 per share, from its previous $9.60 per-share forecast.
Sales are expected to be $66 billion, lower than the previous $68 billion to $70 billion forecast, the company said.
Caterpillar, which formerly made diesel truck engines, said in 2008 it was pulling out of the North American Class 8 truck engine market except for a truck and engine in partnership with Navistar International Corp.