CAT Caterpillar Inc

By Micah Maidenberg 

Caterpillar Inc. reported higher profit and revenue for the first quarter on solid demand for its mining equipment and construction machinery.

Sales totaled $13.47 billion for the quarter, up 5% from last year and more than the $13.27 billion analysts predicted, according to FactSet.

Revenue from its mining business rose 18% in the first quarter, while construction sales were up 3%. Energy and transportation equipment sales were flat.

In the U.S. and Canada -- Caterpillar's largest end market -- sales rose 7%, propelled by gains for construction products and mining machinery.

The company reported a profit of $1.88 billion, or $3.25 a share, up from $1.67 billion, or $2.74 a share, the year prior. After adjustments, the company said it earned $2.94 a share, versus the $2.83 a share analysts predicted.

Shares of Caterpillar are up 12% so far this year. The stock gained 1% in pre-market trading Wednesday.

Caterpillar, based in Deerfield, Ill., boosted its adjusted profit forecast for the year due to a tax benefit. It now predicts $12.06 to $13.06 a share in earnings, up from the previous expectations of $11.75 to $12.75 a share.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

April 24, 2019 08:22 ET (12:22 GMT)

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