JOSH FUNKCaterpillar's first-quarter profit jumped 29 percent and it boosted its outlook for the year as U.S. builders replaced old gear and global demand for mining equipment boomed. But many investors seemed to be expecting more from the world's largest maker of construction and mining equipment because Caterpillar's stock fell 5 percent. The company generated $1.59 billion net income, or $2.37 per share, during the quarter. That's up from last year's $1.23 billion net income, or $1.84 per share. The Peoria, Ill., firm said Wednesday its revenue grew 23 percent to $15.98 billion from last year's $12.95 billion. Caterpillar said it now expects to generate earnings per share of $9.50 in 2012. That's up from a previous prediction of $9.25, but Caterpillar didn't increase its revenue forecast, and that may have pressured the company's stock before the market opened Wednesday. While the company beat most expectations easily, revenue came in a little short. On average, the analysts surveyed by FactSet expected quarterly earnings per share of $2.13 on revenue of $16.18 billion. And some unsettling data on durable goods sales may have put a damper on Caterpillar shares as well. Shares of Caterpillar Inc. declined $4.96, or 5 percent, to close at $103.44 Wednesday. Edward Jones analyst Jeff Windau said Caterpillar's strong quarterly results and improved outlook just weren't as high as many projected. "Expectations are pretty high for Caterpillar right now," Windau said. The Commerce Department reported that orders for long-lasting factory goods fell by the largest amount in three years last month. While that was mostly because demand for commercial aircraft fell, companies ordered less machinery, and that could be a sign that manufacturing output may slow. Caterpillar said it is continuing to invest in more manufacturing capacity because it currently has a record backlog of orders, especially for its mining products.