The strong outlook came after Caterpillar posted a quarterly profit that easily beat Wall Street's expectations, sending the company's stock up 4 percent.

Fiscal improvement is still needed in Asia, Latin America and North America, but steps toward a healthier global economy have already begun, Caterpillar Chief Executive Officer 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," Oberhelman said in a statement. "The good news is, this doesn't feel like 2008."

The company reported a second-quarter profit of $1.67 billion, or $2.54 per share, compared with $1.02 billion, or $1.52 per share, a year earlier.

Analysts on average expected earnings of $2.28 per share, according to Thomson Reuters I/B/E/S.

Revenue rose 21 percent to $17.37 billion. Analysts expected $17.11 billion.

The company now expects to earn $9.60 per share in 2012, up from a previous forecast of $9.50.

For the year, analysts expect a profit of $9.54 per share.

Shares of Caterpillar rose 4 percent to $84.65 in premarket trading.