Caterpillar Inc.’s belt-tightening paid off in the third quarter as the maker of heavy construction and mining equipment beat Street expectations and raised its outlook for the year. The company has wrestled with a weaker global economy and took a restructuring charge to cut costs. Illinois-based Caterpillar reported net income of $1.02 billion, or $1.63 per share, compared with $951 million, or $1.45, a year ago. Caterpillar said it expects adjusted full-year earnings to reach $6.50 per share, up from its previous forecast of $6.20.
Caterpillar shares plow higher on cost cuts
