NEW YORK (TheStreet) -- Shares of Caterpillar are climbing on Thursday after the company beat first-quarter earnings expectations, boosted by the improving construction industry.
Caterpillar reported net profit of $922 million, or $1.61 a share, for the quarter, topping its results from the same period a year ago and analysts' expectations for profit of $1.24 a share, according to Thomson Reuters.
The company also raised its full-year earnings forecast to $6.10 a share from $5.85 on growing demand from builders. Caterpillar expects its sales to the global construction industry to increase 10% from 2013, up from its prior 5% estimate. However, the company warned that its mining business will face challenges in 2014, and it lists the Chinese construction industry and situation in Ukraine and Russia as concerns.
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At last check, shares of Caterpillar were climbing more than 3% to $106.72.
In New York, I'm Brittany Umar for TheStreet.
Written by Brittany Umar in New York.