Caterpillar Inc. reported sales and revenue of $11.4 billion in the third quarter — nearly a 24 percent increase from $9.2 billion in the same period last year.
The company reported a net profit of $1.06 billion, or $1.77 a share, for the quarter that ended Sept. 30, compared with $283 million, or 48 cents a share, in the quarter last year.
The company raised its profit expectations per share for the full year to about $4.60.
“Higher sales volume and our team's focus on cost discipline resulted in improved profit margins across our three primary segments,” said Caterpillar CEO Jim Umpleby in a statement issued today. “As a result of our team’s strong performance we are raising our 2017 profit outlook. We are executing our new strategy for profitable growth based on operational excellence, expanded offerings and services.”
Excluding restructuring costs, the third-quarter adjusted profit per share was $1.95, compared with an adjusted profit-per-share of 85 cents in the quarter last year.
The company attributed its growth to operational performance, combined with strength in construction in China, onshore oil and gas in North America and increased capital investments by mining customers.
The Machinery, Energy and Transportation segment’s operating cash flow was about $600 million during the quarter, and the segment’s debt-to-capital ratio improved to 36.1 percent from 38.6 percent at the end of the second quarter.
The company said it now expects full-year sales and revenue of about $44 billion.