Caterpillar's early 2018 success can be attributed to a strong global economy, which has helped to support projects in both the construction and energy industries, the Associated Press reported.

Caterpillar closed out the first quarter of 2018 strong, reporting April 24 that both profit and sales exceeded expectations, raising the outlook for the full year, MarketWatch reported. After the company shared these results, its stock surged by 4.2 percent in premarket trade that day.

Caterpillar's early 2018 success can be attributed to a strong global economy, which has helped to support projects in both the construction and energy industries, the Associated Press reported.

“I'd like to thank our global Caterpillar team for outstanding results,” said Jim Umpleby, Caterpillar CEO. “The combination of strength in many of our end markets and our team's continued focus on operational excellence — including strong cost control — helped us deliver improved margins and a record first-quarter profit.”

The Numbers

Here's a look at Caterpillar's Q1 breakdown:

• Net income increased to $1.67 billion ($2.74 per share), which is up from $192 million (32 cents per share) over the same period last year.
• Revenue rose 31 percent to $12.86 billion, from $9.82 billion. This increase beat Wall Street's expectations of $11.98 billion.
• Construction equipment sales rose 38 percent to $5.68 billion, which also beat Wall Street's expectations of $5.22 billion.
• Energy and transportation equipment sales rose 26 percent to $5.22 billion, again beating Wall Street's expectations of $3.88 billion.
• Caterpillar raised its 2018 outlook from $9.75 per share to $10.75 per share.

Today's top stories

Eagle Bridge Co. Works On Final Leg of U.S. 35 Upgrade

Fay Preps Way for Pittsburgh International Airport Modernization Project

Volvo CE Continues to Perform, Transform During Slower Q1 2024

American Bridge Co. Leads Conn.'s East Haddam Swing Bridge Project

Pettibone Celebrates 75th Anniversary of Cary-Lift

Common Ground Alliance Hosts Conference & Expo in Colorado On Preventing Utility Damages

Going Beyond Diversity: Star Equipment's Rental Advantage

Volvo CE Launches Updated L30, L35 Compact Wheel Loaders