Economics
Caterpillar Boosts 2011 Forecast as Profit Beats Estimates
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Caterpillar Inc., the world’s largest maker of construction equipment, posted first-quarter profit that topped analysts’ estimates and raised its full-year earnings forecast as sales surged in developing countries.
Net income rose more than fivefold to $1.23 billion, or $1.84 a share, from $233 million, or 36 cents, a year earlier, the Peoria, Illinois-based company said in a statement today. The average estimate of 21 analysts in a Bloomberg survey was $1.31 a share. Revenue increased 57 percent to $12.9 billion from $8.24 billion.