Caterpillar Inc., the world's largest maker of tractors and excavators, said on Monday its quarterly profit rose nearly 50 percent due in part to higher sales in the United States and price increases.

For the third quarter, the company posted profit of $1.7 billion, or $2.54 per share, compared with $1.14 billion, or $1.71 per share, in the year-ago period.

Revenue rose 5 percent to $16.45 billion.