Caterpillar 1Q profit climbs 5 pct, forecast rises

Caterpillar's first-quarter earnings climbed 5 percent and the construction equipment maker raised its 2014 forecast. But the company also says a mining equipment sales slump is still hurting results.

The Peoria company says it now expects 2014 earnings of $6.10 per share excluding restructuring costs. That's up from its previous forecast for $5.85 per share.

Analysts expect $5.72 per share, on average.

Caterpillar Inc. says it earned $922 million, or $1.44 per share, in the quarter that ended March 31. That compares to $880 million, or $1.31 per share, last year. Earnings totaled $1.61 per share, excluding restructuring costs. Total revenue was nearly flat at $13.24 billion.

Analysts forecast earnings of $1.21 per share on $13.09 billion in revenue.

Caterpillar shares are up nearly 4 percent in premarket trading Thursday.