Caterpillar Inc. said Thursday quarterly earnings more than doubled on continued strong demand for its heavy equipment.
Net income jumped to $498 million, or $1.41 a share, from $222 million, or 62 cents a share, a year earlier. That was at the top end of analysts' estimates, which ranged from $1.24 to $1.45 a share, for an average of $1.35, according to Reuters Estimates.
Revenue was much stronger than expected, rising 38 percent to $7.65 billion from $5.55 billion a year ago.
Caterpillar also predicted global economic growth will slow slightly in 2005. The company, often seen as an industrial bellwether, estimated its 2005 sales and revenue will rise about 10 percent after rising 25 percent to 30 percent this year.
The company also forecast record per-share earnings in 2005 after recording an increase of 80 percent to 85 percent in per-share profit.
Analysts' 2004 estimates average $5.70 a share, a gain of 82 percent from a year ago, within a range of $5.55 to $5.80 a share.
For 2005, analysts estimates range from $6.23 to $7.25 a share, for an average of $6.92 a share.