Caterpillar posts record Q1 profit***

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NEW YORK, April 30 (AFP): Caterpillar, the world's largest heavy equipment maker, reported Friday record first-quarter profit on strong demand and raised its outlook for the full year. Caterpillar said it had "record" profit for the first quarter of $1.22 billion, an increase of 426 per cent from $233 million over the same period a year ago. Earnings per share hit $1.84 -- "an all-time quarterly record and a 411-per cent improvement" from 36 cents EPS in the first quarter of 2010, the company said in a statement. First-quarter earnings per share sharply topped the average analyst forecast of $1.31. Sales climbed 57 per cent to $12.95 billion. Chairman and chief executive Doug Oberhelman said he was "very pleased" with the stellar results. "Demand continued to improve, we increased production, cost control was excellent, and our operating profit margin improved," he said in the statement. Caterpillar, considered a bellwether on the global economy, raised its full-year 2011 forecasts, predicting a record-breaking year. Full-year sales for the world's biggest manufacturer of bulldozers, excavators, wheel loaders and other construction machinery were estimated in a range of $52 to $54 billion and profit in a range of $6.25 to 6.75 per share. The previous forecast was for sales to top $50 billion and for profit to be near $6.00 per share. The upwardly revised outlook "reflects higher expected sales and revenues and higher profit per share than our previous record year of 2008 when sales and revenues were $51.3 billion and profit per share was $5.66," the Peoria, Illinois-based company said.