Heavy equipment maker Caterpillar Inc. said its first-quarter profit soared more than five-fold as a growing economic recovery boosted demand for the company’s farming and construction equipment.
The results blew past analysts’ expectations and its boosted its outlook for the year. Its shares rose more than 2 percent to $115.35 in pre-market trading.
The Peoria, Ill., based company said Friday its net income climbed to a record $1.23 billion, or $1.84 per share, for the quarter ended March 31. That’s up from $233 million, or 36 cents per share, a year ago.
Caterpillar said its revenue rose 57 percent to $12.95 billion.
Analysts expected earnings of $1.30 on revenue of $11.43 billion.