PEORIA, Ill. (AP) — Caterpillar says its fourth-quarter profit jumped 60 percent, boosted by a steep increase in global demand for its products.
The world's largest maker of construction and mining equipment also issued 2012 guidance above Wall Street predictions.
Peoria, Ill.-based Caterpillar reported net income of $1.55 billion, or $2.32 per share, up from $968 million, or $1.47 per share, in the same quarter last year.
Sales and revenue jumped 35 percent to $17.24 billion from $12.81 billion.
Analysts polled by FactSet expected a profit of $1.76 per share on $15.95 billion.
Caterpillar expects a 2012 profit of $9.25 per share and $68 billion to $72 billion in revenue. Analysts expect a profit of $9.07 per share on $66.99 billion in revenue.
Shares rose $3, or 2.8 percent, to $112.05 in afternoon trading.