NEW YORK ( TheStreet) -- Caterpillar ( CAT), the maker of construction and mining equipment, reported first-quarter profit Wednesday of $1.58 billion, or $2.37 a share, up from year-earlier earnings of $1.23 billion, or $1.84 a share. Analysts were estimating earnings of $2.13 a share. Sales rose 23% to $16 billion. Caterpillar raised its 2012 profit outlook to $9.50 a share, up from previous guidance of $9.25 a share. Shares of Caterpillar fell 1.34% in premarket trading Wednesday to $106.95. The stock has risen 19.65% year to date. -- Written by Alexandra Zendrian >To contact the writer of this article, click here: Alexandra Zendrian >To submit a news tip, send an email to: firstname.lastname@example.org. >To follow the writer on Twitter, go to Alexandra Zendrian.