The company also raised its full-year earnings estimate to about $9.60 a share from its April forecast of about $9.50 a share and cut the high-end of its revenue guidance by $2 billion, now expecting $68 billion to $70 billion
The company cited weaker economic conditions in much of the world and about $1 billion of negative currency impacts
"Caterpillar's success in 2012 is occurring despite U.S. construction activity that remains depressed and well below the prior peak, the problems facing Eurozone economies and economic concerns in China," Chief Executive Doug Oberhelman said
"While we're expecting a record year in 2012, we understand the world is facing economic challenges, and if it becomes necessary, we are prepared to act quickly as we did in late 2008 and 2009."
As the world's largest manufacturer of bulldozers, excavators and other construction machinery, Caterpillar is closely watched as a gauge of the strength of the global economy
The company has seen its revenue rise by double-digit percentages for over two years as resurgent sales of construction machinery in the U.S. and the ongoing global demand for mining equipment helped to offset weakening sales in Europe, China and Brazil
The company's roughly $8 billion purchase last year of mining-machinery maker Bucyrus International has also extended Caterpillar's reach into the busy mining sector
Since the acquisition, Caterpillar has made a series of deals to sell portions of Bucyrus's distribution businesses
Caterpillar reported a profit of $1.7 billion, or $2.54 a share, up from $1.02 billion, or $1.52 a share, a year earlier
Revenue jumped 22% to $17.37 billion.
Analysts polled by Thomson Reuters had most recently forecast earnings of $2.28 a share on revenue of $17.11 billion
Operating margin rose to 15.1% from 11.3%
Machinery and power systems sales increased 23%, while financial-products revenue declined 0.7%
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