UPDATE: Caterpillar Posts 49% Rise In Q3 Profit, Lowers 2012 Forecast

Caterpillar

reported a 49% rise in its third-quarter earnings and cut its 2012 forecast. Caterpillar now projects 2012 earnings of $9 to $9.25 per share on revenue of around $66 billion, versus its earlier forecast for earnings of around $9.60 per share on revenue of $68 billion to $70 billion. Caterpillar's quarterly profit surged to $1.7 billion, or $2.54 per share, from $1.14 billion, or $1.71 per share, in the year-ago period. Its revenue rose 4.6% to $16.45 billion. However, analysts were expecting earnings of $2.22 per share on revenue of $16.77 billion. Caterpillar's operating margin climbed to 15.8% from 11.2%. Caterpillar shares fell 1.26% to $82.80 in pre-market trading.