Caterpillar Inc reported a stronger-than-expected quarterly profit on Thursday, and raised its full-year outlook, citing continued strong sales growth in emerging markets.
The world's largest maker of construction and mining equipment posted a second-quarter profit of $707 million, or $1.09 a share, up from $371 million, or 60 cents a share, a year earlier.
Sales and revenue from financial services rose 31 percent to $10.41 billion.
Analysts on average expected the Peoria, Illinois-based company to report a profit of 85 cents a share on sales of $9.8 billion, according to Thomson Reuters I/B/E/S.
In premarket trading, Caterpillar shares were down 1.3 percent at $66.
Caterpillar said it expected to earn a full-year profit of $3.15 to $3.85 a share on sales of $39 billion to $42 billion.
It had previously forecast earnings of $2.50 to $3.25 a share for the year on sales of $38 billion to $42 billion.
Analysts on average were expecting the company to report a full-year profit of $3.29 a share before items and net income of $3.18 a share on sales of $38.9 billion, according to Thomson Reuters I/B/E/S.
(Reporting by James B. Kelleher; Editing by Lisa Von Ahn)