NEW YORK (TheStreet) -- Although the broader market is lower on concerns over emerging markets, Caterpillar (CAT) is up almost 5% on better-than-expected earnings results.

However, the results may not be as good as they seem, according to TheStreet's Debra Borchardt. 

While the company posted a 48% increase in earnings per share, with $1.54 in the fourth quarter of 2013 versus $1.04 in the fourth quarter of 2012, revenue actually declined. 

Borchardt said fourth-quarter revenue dropped 10% from year-ago figures, and 16% for the entire year. 

The blame mostly fell on mining equipment sales, which dropped as the price of precious metals continued to fall throughout 2013, she added. Management guided for continued weakness in the segment going forward. 

Despite clearing a relative low bar, the stock is moving higher. Borchardt noted the company has been lowering expectations for quite some time, allowing investors to cheer the recent quarter for not being terrible. 

Management guided for slightly better-than-expected fiscal 2014 guidance, which is also likely giving shares a boost. 

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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