Caterpillar beats estimates and raises 2018 profit outlook

CHICAGO (Reuters) - Caterpillar Inc on Tuesday upgraded the outlook for 2018 profits after the world's largest heavy-duty equipment maker beat estimates for first-quarter earnings on strong global demand for its equipment.

The Deerfield-‎Illinois based company now expects the full-year profit to range between $9.75 to $10.75 per share compared with $7.75 to $8.75 per share it projected earlier.

For the first quarter, the company reported a net profit of $2.74 per share, above analysts' consensus forecast of $2.04 per share.

(Reporting by Rajesh Kumar Singh; Editing by Nick Zieminski)