Caterpillar’s 1st quarter profit climbs 5 per cent, 2014 forecast also rises

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In this Friday, March 28, 2014 photo, Lou Severino moves dirt with a Caterpillar dozer around a home under construction in Pepper Pike, Ohio. Caterpillar reports quarterly earnings on Thursday, April 24, 2014. (AP Photo/Tony Dejak)

Caterpillar’s first-quarter earnings climbed 5 per cent 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, Ill., 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 totalled $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 per cent in premarket trading Thursday.

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