Caterpillar Raises Full-Year Forecast

Caterpillar, the maker of bulldozers and excavators, has posted surprisingly high third-quarter earnings that managed to beat analyst expectations and raised its full-year forecast to a level that beats the highest analyst prediction. The company has struggled immensely under the weight of the economic downturn and it believes that the third quarter marks the bottom of its own downturn.
Profit fell from $868 million, or $1.39 per share, last year to $404 million, or 64 cents per share, this year, according to a statement released today by the company. Caterpillar has undergone vigorous cost-cutting measures to battle decreasing revenues, slashing inventories …read more