Caterpillar announced sales and revenue of $42.6 billion for 2010, an increase of 31 percent from $32.4 billion in 2009.
Profit in 2010 was $2.7 billion, an increase of 202 percent from a 2009 profit of $895 million. Profit per share of $4.15 was up from $1.43 in 2009, the company said.
Fourth-quarter sales and revenue were $12.8 billion, an increase of 62 percent from $7.9 billion in the fourth quarter of 2009. Fourth-quarter profit of $968 million was 317 percent higher than profit of $232 million in the fourth quarter of 2009.
Profit per share of $1.47 was up from 36 cents a share in the fourth quarter of 2009. Excluding redundancy costs, profit for the fourth quarter of 2009 was 41 cents a share.
"As the global economy continued to improve, the demand for Caterpillar products increased substantially, with fourth-quarter sales and revenues up 62 percent," chairman and CEO Doug Oberhelman said in a statement.
"2010 was a good year and we accomplished a great deal. We substantially ramped up production, improved factory efficiency, drove machinery and engines operating cash flow to an all-time record, launched a number of capacity additions and new product programs to prepare us for the future and announced several substantial acquisitions," he added.
Caterpillar said its work force grew by about 19,000 in 2010, about 7,500 of which were added in the United States.
The company said it expects 2011 sales and revenue to exceed $50 billion and profit to be near $6 a share - an increase from sales and revenue of $42.588 billion and profit of $4.15 a share in 2010.
"The outlook reflects our expectation that the world economy will continue to recover and that Caterpillar is positioned to win by providing customers with products and support that are unmatched in the industry," Oberhelman said.
"We feel good about our performance in 2010, coming off a very challenging 2009. We have updated our strategy, aligned the organization and are clearly focused on our customers," he added. "Investments are being made in new-product development, additional capacity and strategic acquisitions that position us well for long-term growth and profitability."