Caterpillar Inc. reported third-quarter 2011 profit of $1.141 billion, up 44% from 3Q10. Sales and revenues reached an all-time high of $15.716 billion, up 41% from last year’s third quarter.

Caterpillar Chairman and Chief Executive Officer Doug Oberhelman said, “This was the best quarter for sales in our history, and our order backlog is at an all-time high... as demand for our products and U.S. exports continued to improve.”

The outlook for 2011 sales and revenues and profit has improved. For 2011, total company sales and revenues are expected around $58 billion, revised upwards from a range of $56 to $58 billion.

"Although there is a good deal of economic and political uncertainty in the world, we are not seeing it much in our business at this point. We believe continued economic recovery, albeit a slow recovery, is the most likely scenario as we move forward,” Oberhelman said.

The Company’s outlook for 2012 is that sales and revenues are expected to improve in the developed parts of the world with developing countries growing at the same rate as in 2011. Sales and revenues are expected to improve 10-20% for 2012.

Oberhelman also said, “We are continuing to increase production levels for many of our products and expect that supply will remain tight in 2012.”

Source: Caterpillar Inc.