Caterpillar’s 3Q Income Jumps 96% on Stronger Sales

Heavy equipment maker Caterpillar Inc. said Thursday its third-quarter net income jumped 96%, due in part to strong sales in developing countries.

Its profit rose to $792 million, or $1.22 per share, up from $404 million, or 64 cents, a year ago.

Sales rose 53% to $11.13 billion, from $7.3 billion last year.

It also boosted its 2010 outlook, saying sales and revenue will be $41 to $42 billion, with a profit of $3.80 to $4 per share. That’s up from its previous $39 to $42 billion revenue and $3.15 to $3.85 per-share forecast.

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.