Caterpillar Inc.'s (CAT) top executive told shareholders he is confident the construction equipment maker will be able to return to the record-setting revenue level set in 2008 within the next five years.

Caterpillar warned in April that the downturn in the global economy could drag this year's sales and revenue lower by more than 30% from the $51.3 billion reported in 2008. But Chairman and Chief Executive James Owens predicted Wednesday there is an "80% chance that in the next five years we'll be over $50 billion" again.

Owens said the Peoria, Ill.-based company's goal of $100 billion in annual sales and revenue by 2020 remains attainable for the world's leading manufacturer of construction machinery.

"The world cannot prosper without the stuff we make," he said at the company's annual shareholders meeting in Chicago. "We're the Coca-Cola of the manufacturing world. We're number one or number two on virtually every continent"

Owens said infrastructure construction in developing countries will fuel robust demand for the company's bulldozers, motor graders, excavators and other equipment. Last year, 66% of Caterpillar's sales came from customers outside of the U.S., an 18% increase from 2003.

But Owens, who is a member of the Obama administration's Economic Recovery Advisory Board, warned that protectionist trade policies, onerous taxes on foreign profits and other proposed regulations would diminish Caterpillar's growth potential.

Although Caterpillar is among the U.S. companies supporting climate-change legislation, Owens said, a bill pending in Congress to create a cap-and-trade system to limit carbon dioxide emissions would put many U.S. companies at a disadvantage to foreign competitors.

He also described the proposed elimination of the corporate income tax deferral on profits earned overseas as "suicide for U.S.-based multinational companies."

"We're working very hard to make [the administration] understand that this is not in the best interests of our company," he said.

As in recent years, the meeting featured several pleas from Palestinian advocates for Caterpillar to stop selling equipment to Israel that they say is used by the Israeli military to demolish the homes of Palestinians.

Caterpillar estimated about $30 million, or 0.06% of its total revenue last year, came from U.S. government programs or dealers that sell Caterpillar equipment to the Israeli military.

"To police the use of every piece of equipment every day is unrealistic," Owens said. "If we sell them zero equipment, they'd still have access" to equipment from other manufacturers or Caterpillar equipment sold by used-equipment dealers.

Caterpillar's stock Wednesday closed down 1.63%, or 62 cents, at $37.62.

-By Bob Tita, Dow Jones Newswires; 312-750-4129; robert.tita@dowjones.com