Caterpillar’s 1Q Profit Tops $1.5 Billion

Heavy equipment maker Caterpillar Inc. said Wednesday its first-quarter profit climbed to a record high and the company boosted its full-year earnings outlook.

Net income rose to $1.59 billion, or $2.37 a share, from $1.23 billion, or $1.84, a year earlier, Caterpillar said in a statement. Sales improved 23% to $16 billion.

Caterpillar, the largest maker of earth-moving equipment, also boosted its full-year earnings outlook to about $9.50 per share, from its prior forecast of $9.25 per share.

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.