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Caterpillar Raises Forecast as Construction Demand Climbs

Caterpillar Inc., the largest maker of construction and mining equipment, raised its full-year profit forecast as increasing demand from North American builders and overseas miners bucks an economic slowdown.

Earnings will be about $9.60 a share in 2012, up from a previous forecast of $9.50, the Peoria, Illinois-based company said today in a statement. That tops the $9.54 average of 21 analysts’ estimates compiled by Bloomberg. Caterpillar also narrowed its projected range for sales to $68 billion to $70 billion, from $68 billion to $72 billion forecast in April, citing “weaker economic conditions” and the stronger dollar.