Caterpillar's third-quarter profit has surged on demand for construction equipment, topping Wall Street expectations.
The company boosted its guidance, citing strong oil and gas markets in North America along with construction in China.
Profit nearly quadrupled to $US1.06 billion ($A1.36 billion), or $US1.77 per share. Earnings, adjusted for restructuring costs, came to $US1.95 per share. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $US1.22 per share.
Revenue surged 25 per cent to $US11.41 billion while six analysts surveyed by Zacks expected $US10.61 billion.
Construction equipment revenue rose 37 per cent to $US4.85 billion, followed by energy and transportation equipment rising 12 per cent to $US3.96 billion. Those segments were the key revenue drivers during the quarter.
Caterpillar now expects full-year adjusted earnings to be $US6.25 per share, up from a previous estimate of $US5 per share. It expects revenue of $US44 billion.
Caterpillar shares have risen 42 per cent since the beginning of the year, while the Standard & Poor’s 500 index has risen 15 per cent. The stock has climbed 53 per cent in the past 12 months.