CAT Caterpillar Inc

   By Imani Moise 
 

Construction-equipment maker Caterpillar Inc. boosted its annual outlook as the company reported robust sales for the first three months of the year.

Shares rose 3.8% to $159.80 during premarket trading, erasing the 2.3% decline the company has logged so far this year.

The Deerfield, Ill.-based manufacturer raised its guidance range by $2 and now expects adjusted earnings of $9.75 to $10.75 a share, due to growing demand for its products and services.

Over the last year, commodity prices have increased along with demand and construction has picked up in many of its markets around the world. As a bellwether for the global economy, Caterpillar's cheery outlook signals continued recovery.

Overall for the first quarter the company reported a profit of $1.67 billion, or $2.74 a share, up from $192 million, or 32 cents a share a year earlier. On an adjusted basis, earnings more than doubled to $2.82 a share.

Last year's results were dented by $723 million in restructuring costs primarily related to a facility closure. Restructuring costs in the most recent quarter were $69 million.

Revenue jumped 31% to $12.86 billion.

Analysts polled by Thomson Reuters had forecast earnings of $2.13 a share on $12.07 billion in sales.

Write to Imani Moise at imani.moise@wsj.com

(END) Dow Jones Newswires

April 24, 2018 09:14 ET (13:14 GMT)

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