Heavy equipment maker Caterpillar Inc. Monday reported a first-quarter profit compared with a loss a year ago, and boosted its sales and income forecast for the year.
Its net income was $233 million, or 36 cents per share, compared with a loss of $112 million, or 19 cents, a year ago. Sales fell to $8.24 billion, from $9.23 billion.
The company boosted its 2010 revenue outlook to $38 to $42 billion, with a revised full-year profit range of $2.50 to $3.25 per share.
Chairman and Chief Executive Officer Jim Owens cited “robust growth in Asia/Pacific and Latin America and continued improvement in mining and energy globally” as reasons for the improvement.
“Economic conditions are definitely improving, particularly in the world’s developing economies,” he said in a statement. “Industry activity and orders are significantly higher than last year and are at record levels in some areas. As a result, we are hard at work ramping up production to meet increasing demand from customers.”
Caterpillar, which formerly made diesel truck engines, said in 2008 it was pulling out of the North American Class 8 truck engine market except for a truck and engine in partnership with Navistar International Corp.
