Caterpillar 4Q Profit Rises, Tops Wall St. View

By Salon Staff

Published January 26, 2012 7:18PM (EST)

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.

Salon Staff

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