PEORIA, Ill. (AP) _ Caterpillar Inc. reported Monday that first-quarter profit rose 45 percent on stronger sales and relatively flat material costs, helping the maker of construction and agricultural equipment
Monday, April 24th 2006, 9:49 am
By: News On 6
PEORIA, Ill. (AP) _ Caterpillar Inc. reported Monday that first-quarter profit rose 45 percent on stronger sales and relatively flat material costs, helping the maker of construction and agricultural equipment to beat Wall Street estimates. It also boosted its earnings forecast for the year.
Its shares rose 66 cents to $78.53 in morning trading on the New York Stock Exchange, approaching their 52-week high of $78.94.
Net income grew to $840 million, or $1.20 per share, for the January-March period from $581 million, or 81 cents per share, a year ago. Revenue rose 13 percent to $9.39 billion from $8.34 billion last year on higher prices and sales volume, the company said.
Analysts surveyed by Thomson Financial expected earnings of $1.05 per share on sales of $8.7 billion.
The company raised its 2006 earnings per share forecast to a range of $4.85 to $5.20, from a previous range of $4.65 to $5, and kept its revenue forecast at about $40 billion.
Analysts estimate earnings of $4.99 per share on revenue of $38 billion.
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