PEORIA, Illinois (AP) — Caterpillar says its fourth-quarter profit jumped 60 percent, boosted by a steep increase in global demand.

The world's largest maker of construction and mining equipment also issued 2012 guidance above Wall Street predictions.

U.S.-based Caterpillar reported net income of $1.55 billion, or $2.32 per share, up from $968 million, or $1.47 per share, in the same quarter last year.

Sales and revenue jumped 24 percent to $17.24 billion from $12.81 billion.

Analysts polled by FactSet expected a profit of $1.76 per share on $15.95 billion.

Caterpillar expects a 2012 profit of $9.25 per share and $68 billion to $72 billion in revenue. Analysts expect a profit of $9.07 per share on $66.99 billion in revenue.

Shares rose $3.40, or 3.1 percent, to $112.45 in premarket trading.