12:16 ET<\/span><\/span><\/p>\nThe world’s largest maker of heavy equipment, Caterpillar, has its increased its profits five-fold thanks to an increase in global demand for its products.<\/p>\n
In the first three months of the year the company generated $1,225m (\u00a3733m) up from $233m a year ago.<\/p>\n
Shares in the US firm rose almost 3% in early trading in New York.<\/p>\n
Caterpillar said the record quarterly profit was primarily due to selling “significantly” more.<\/p>\n
Its products include machinery, engines, electronics and gas turbines used to generate power.<\/p>\n
“I am very pleased with our first-quarter results, ” said chief executive, Doug Oberhelman.<\/p>\n
“Demand continued to improve, we increased production, cost control was excellent, and our operating profit margin improved”.<\/p>\n
Japan effect<\/span><\/p>\nThe company has revised its outlook for the rest of 2011 upwards.<\/p>\n
Caterpillar now increased its sales forecast from $50bn to $54bn.<\/p>\n
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.<\/p>\n
Caterpillar said it expected the upheaval to have a negative impact, particularly in the second quarter, on it sales, factory efficiency and costs.<\/p>\n
In the company’s trading statement, Mr Oberhelman also paid tribute to two employees who died in the disaster.<\/p>\n<\/div>\n
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