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| Caterpillar's profits up five-fold as demand improves | Caterpillar's profits up five-fold as demand improves |
| (7 days later) | |
| The world's largest maker of heavy equipment, Caterpillar, has increased its profits five-fold thanks to an increase in global demand for its products. | |
| In the first three months of the year the company generated $1,225m (£733m) up from $233m a year ago. | In the first three months of the year the company generated $1,225m (£733m) up from $233m a year ago. |
| Shares in the US firm closed 3% higher in New York. | Shares in the US firm closed 3% higher in New York. |
| Caterpillar said the record quarterly profit was primarily due to selling "significantly" more. | Caterpillar said the record quarterly profit was primarily due to selling "significantly" more. |
| Its products include machinery, engines, electronics and gas turbines used to generate power. | Its products include machinery, engines, electronics and gas turbines used to generate power. |
| "I am very pleased with our first-quarter results, " said chief executive, Doug Oberhelman. | "I am very pleased with our first-quarter results, " said chief executive, Doug Oberhelman. |
| "Demand continued to improve, we increased production, cost control was excellent, and our operating profit margin improved". | "Demand continued to improve, we increased production, cost control was excellent, and our operating profit margin improved". |
| Japan effect | Japan effect |
| The company has revised its outlook for the rest of 2011 upwards. | The company has revised its outlook for the rest of 2011 upwards. |
| Caterpillar now increased its sales forecast from $50bn to $54bn. | Caterpillar now increased its sales forecast from $50bn to $54bn. |
| It said this was despite, "sporadic production disruptions at many of our facilities" as a result of the earthquake and tsunami that struck Japan last month. | It said this was despite, "sporadic production disruptions at many of our facilities" as a result of the earthquake and tsunami that struck Japan last month. |
| Caterpillar said it expected the upheaval to have a negative impact, particularly in the second quarter, on it sales, factory efficiency and costs. | Caterpillar said it expected the upheaval to have a negative impact, particularly in the second quarter, on it sales, factory efficiency and costs. |
| In the company's trading statement, Mr Oberhelman also paid tribute to two employees who died in the disaster. | In the company's trading statement, Mr Oberhelman also paid tribute to two employees who died in the disaster. |