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

Dow Gets Swept Into Nasty Reversal Even as Nasdaq Posts New Record

Dow Gets Swept Into Nasty Reversal Even as Nasdaq Posts New Record

REPLAY: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries

REPLAY: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries

What Will GM Do With Cruise -- and Is Its Stock Worth $55?

What Will GM Do With Cruise -- and Is Its Stock Worth $55?

3 Must Reads on the Market From TheStreet's Top Columnists

3 Must Reads on the Market From TheStreet's Top Columnists

This Should Be Your Retirement Savings Plan When the Stock Market Crashes

This Should Be Your Retirement Savings Plan When the Stock Market Crashes