Caterpillar trumps Street 1st qtr expectations, raises 2015 forecast as earnings soar 20 pct

IndustriesAssociated Press

Caterpillar's first-quarter earnings jumped more than 20 percent to top expectations, even though revenue slipped for the construction and mining equipment maker.

The company's shares are soaring in early-morning trading after it also raised its 2015 forecast.

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Caterpillar Inc. earned $1.11 billion, or $1.81 per share, in the quarter. That compares with $922 million, or $1.44 per share, last year.

Earnings in the latest quarter totaled $1.81 per share, not counting restructuring costs. That included a gain from a business sale.

Revenue slid 4 percent to $12.7 billion.

Analysts forecast earnings of $1.35 per share on $12.36 billion in revenue.

The Peoria, Illinois, company now expects an adjusted 2015 profit of $5 per share, up from its previous forecast for $4.75 per share.

Analysts predict $4.78 per share.