NEW YORK (TheStreet) -- Shares of Caterpillar are climbing on Thursday after the company beat first-quarter earnings expectations, boosted by the improving construction industry.

VIDEO TRANSCRIPT:

Shares of Caterpillar (CAT) were climbing on Thursday after the construction equipment company reported first-quarter results that beat analysts' estimates.

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.

WATCH: More videos from Brittany Umar on TheStreet TV

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.

More from Stocks

Market Can't Handle the Wild Ride: Cramer's 'Mad Money' Recap (Thursday 5/24/18)

Market Can't Handle the Wild Ride: Cramer's 'Mad Money' Recap (Thursday 5/24/18)

Replay: Jim Cramer on North Korea, Oil Prices, Apple and Carnival Corporation

Replay: Jim Cramer on North Korea, Oil Prices, Apple and Carnival Corporation

Canopy Growth: First Cannabis Firm on the NYSE Fails to Generate Buzz

Canopy Growth: First Cannabis Firm on the NYSE Fails to Generate Buzz

Video: This Startup Connects Buyers and Sellers of Legal Marijuana

Video: This Startup Connects Buyers and Sellers of Legal Marijuana

Dow, S&P 500 and Nasdaq Tumble After Trump Calls Off North Korea Summit

Dow, S&P 500 and Nasdaq Tumble After Trump Calls Off North Korea Summit