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Caterpillar 4Q profit rises, tops Wall St. view

Caterpillar Inc. said Thursday that its fourth-quarter profit jumped 60 percent, boosted by pent-up demand for new equipment and continuing growth in developing countries.

The performance of the world's largest maker of construction and mining equipment is an indicator of the strength of the global economy. Along with strong fourth-quarter earnings, Caterpillar issued rosy guidance, saying that it expects the global economy to grow faster this year and construction activity to continue to improve in most parts of the world.

Caterpillar, based in Peoria, Ill., reported net income of $1.55 billion, or $2.32 per share, up from $968 million, or $1.47 per share, in the same quarter last year.

CAT to invest $300 million in Decatur plant expansion

DECATUR - Caterpillar Inc. announced plans Friday to make significant new investments in Illinois, including at its manufacturing facility in Decatur.

The company says it will invest nearly $300 million to further increase capacity for large mining trucks produced in Decatur. Between Decatur and another $340 million project in East Peoria, Caterpillar plans to add 300 jobs, spokesman Jim Dugan said.

"The capacity expansion announced today is in addition to our previously announced investments to support our mining business, and it demonstrates our commitment to be the leader in this strategically important industry," Caterpillar Chairman and CEO Doug Oberhelman said Friday. "Beginning with capacity expansion plans announced in 2008, and once the plans are announced today are fully in place, we will have nearly tripled our worldwide large truck capacity and doubled our large track-type tractor production capabilities in East Peoria."

More than 90 percent of the large trucks made in Decatur are exported, Oberhelman said.