Caterpillar profit leaps, hikes full-year outlook

Reuters

BOSTON (Reuters) - Caterpillar Inc recorded a fivefold surge in profit and raised its forecast for the rest of the year, citing rising demand for its bulldozers, excavators and other heavy equipment.

The world's biggest maker of earth-moving equipment said on Friday that its first-quarter profit came to $1.23 billion, or $1.84 per share, compared with $233 million, or 36 cents per share, a year earlier.

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The company now looks for full-year earnings of $6.25 to $6.75 per share, up from its prior forecast of "near $6" per share.

(Reporting by Scott Malone)

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