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