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Caterpillar: raises 2017 sales and profit forecasts.

(CercleFinance.com) - Caterpillar has raised its 2017 sales and profit forecasts on Tuesday, seeing strength "in a number of industries and regions.

The outlook came after the world's largest maker of construction equipment posted third-quarter earnings that easily beat Wall Street's expectations, sending the company's shares up 7% in premarket trading.

The company reported quarterly EPS of 1.77 dollar, compared with 0.48 dollar a year ago.

The consensus expected EPS of 1.27 dollar.

Meanwhile, revenues jumped 24% to 21.4 billion.

Caterpillar said it continues to see strong construction in China, on-shore oil and gas in North America, and also increased capex by mining customers.

As a result, the company now expects EPS of 4.60 dollars in 2017, up from a previous forecast of 3.50 dollars.

While Caterpillar previously targeted 2017 revenues of between 42 billion and 44 billion dollars, the company now expects FY revenues of about 44 billion dollars.

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