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eavy equipment and engine maker Caterpillar Inc. said its first-quarter income rose to $581 million or $1.63 a share, from $420 million or $1.19 a year earlier.

Caterpillar said the profit was led by increased sales, with its revenue rising to $8.34 billion for the quarter, up 29% from $6.48 billion a year ago.

Caterpillar’s engine sales were $2.4 billion in the quarter, up $539 million or 29% over last year. Sales of on-highway truck engines in North America were up 33%, the company said.

The company had said March 1 it would raise its engine prices by as much as 5% this year, due to higher raw materials prices, including steel.

The per-share earnings topped analysts’ forecasts of $1.34 a share, Bloomberg reported.

The company’s operating margins were the best since the fist half of last year when cost pressures began to accelerate, Chief Executive Officer Jim Owens said in a statement.

The company projected sales and revenue to rise 16% to 18% this year.