Caterpillar, the world's largest heavy equipment maker, said its profits soared fivefold in the first quarter, boosted by strong demand.
Caterpillar said it had 'record' profits for the first quarter of $1.22 billion, an increase of 426% from $233m the same time a year ago.
Earnings per share hit $1.84 - 'an all-time quarterly record and a 411% improvement' from 36 cents earnings per share in the first quarter of 2010, the company said in a statement.
Sales for the first three months of the year climbed 57% to $12.95 billion.
