Caterpillar Inc. (CAT) reported third quarter earnings of $1.22 per share, compared with 64 cents per share a year earlier.

Sales and revenue rose 53% to $11.134 billion, the company said in a statement.

"Third-quarter results continue to demonstrate our focus on aggressively managing costs and improving cash flow, while continuing to ramp up production to meet customer demand," CEO Doug Oberhelman said.

"Continuing economic growth in the developing world has been key to improving sales," Oberhelman said.

Caterpillar boosted its outlook for 2010. The company now forecasts earnings per share of $3.80 to $4 per share, compared with a pervious outlook of $31.5 to $3.85.

The company forecasts 2010 revenue of $41 billion to $42 billion, compared with an original forecast of $39 to $42 billion.

"2010 is shaping up to be one of the most significant year-over-year increases in sales and revenues in our history," the statement said.

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