Analysts surveyed by FactSet had expected revenue of $67.2 billion, with profit of $9.41 per share.

The company said growth was below expectations in the U.S. and China, and with much of Europe in recession.

The U.S., China and most developing economics should see modest improvement next year, Caterpillar said. But it sees "continuing difficulty" and only marginal growth in Europe.

"We're not expecting rapid growth, and we're not predicting a global recession," Chairman and CEO Doug Oberhelman said.

On Friday, General Electric Co. CEO Jeffrey Immelt said he's expecting economic conditions next year to be similar to this year. Most regions should show some improvement, but Europe's "going to be a grind," he said. Investors should get another view of the global economy from a major manufacturer when 3M Co. reports earnings on Tuesday.

Caterpillar expects 2013 revenue to be about the same as this year, plus or minus 5 percent.

The company said sales of mining gear will fall next year. Lower prices for metals and coal, along with higher operating costs, have hurt profit margins at many mining companies, Caterpillar said. Sales of construction gear are expected to increase, and it expects improving activity in the U.S. It expects engine sales to be flat.

Profit in the third quarter rose 49 percent to almost $1.7 billion, or $2.54 per share. That compares with profit of $1.14 billion, or $1.71 per share, a year earlier. Revenue rose 4.6 percent to $16.45 billion.

The results included a gain of $273 million, or 27 cents per share, from selling a majority interest in a logistics business. Analysts surveyed by FactSet had been expecting a profit of $2.21 per share, on revenue of $16.64 billion.

Shares of Peoria, Ill.-based Caterpillar Inc. rose $1.22 to close at $85.08 Monday.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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