US industrial giant Caterpillar reported Thursday sharply improved earnings for the third quarter despite slower global economic growth. Caterpillar, maker of a wide range of construction, machinery and mining equipment, said third-quarter net profit rose eight percent from a year ago to $1.02 billion. Excluding restructuring costs, earnings per share were $1.72, far above analyst expectations of roughly $1.35 per share.
Sales and revenues rose 1.0 percent to $13.55 billion. "We're pleased with the third-quarter profit improvement considering world economic growth remains slower than we'd like," said Doug Oberhelman, Caterpillar chairman and chief executive, in a statement.
Oberhelman said the company's restructuring, which cost nine cents per share in the third quarter, was beginning to be reflected in the results. "The diversity of the businesses we're in and the strengthening of our operational performance have been key to helping us improve results and our competitive position in this weak economic recovery," he said. "Our broad geographic reach and manufacturing footprint help mitigate the impact of currency fluctuations. In fact, currency impacts were positive in the third quarter."