Caterpillar sees long-term profitability

— Heavy equipment maker Caterpillar said Tuesday its cost cuts and strategic planning had positioned the company for long-term profitability whether the global economy improves or remains mired in recession.

The world's largest maker of construction and mining equipment affirmed its 2009 forecast and said it expects profit of $8 to $10 per share within five years if the world economy recovers and $2.50 per share annually if the recession continues.

"We believe a recovery will come, and that Caterpillar will benefit from the world's need for the products we make," CEO Jim Owens told analysts at the company's Peoria, Ill., headquarters. His remarks were broadcast over the Internet.