UPDATE: Caterpillar Reports 60% Surge In Q4 Earnings, Lifts Forecast

Caterpillar Inc (NYSE: CAT) reported a 60% rise in its fourth-quarter earnings.

For the year, the company projects earnings of around $9.25 per share and lifted the low end of its revenue forecast. It now expects revenue of $68 billion to $72 billion. Analysts were expecting earnings of $9.06 per share.

Caterpillar's quarterly profit rose to $1.55 billion, or $2.32 per share, from $968 million, or $1.47 per share, in the year-ago period. Its revenue surged 35% to $17.24 billion. However, analysts were expecting a profit of $1.73 per share on revenue of $16.05 billion.

Caterpillar shares gained 2.57% to $111.85 in pre-market trading.