Caterpillar’s 3Q Profit Tops $1 Billion; Revenue Hits Record

Heavy equipment maker Caterpillar Inc. said Monday its third-quarter profit jumped on higher sales.

Net income was $1.14 billion, or $1.71 per share, up from $792 million, or $1.22, a year ago.

Sales jumped 41% to $15.72 billion, an all-time record for the company, Caterpillar said in a statement.

Caterpillar, which formerly made diesel truck engines, said in 2008 it was pulling out of the North American Class 8 truck engine market except for a truck and engine in partnership with Navistar International Corp.

Earlier this month Caterpillar and Navistar said the venture would become a unit of Navistar.