Caterpillar posted quarterly profits that topped estimates and raised its full-year outlook on a stronger-than-expected rebound in sales to the construction industry.
"The U.S. is a little better," Chairman and CEO Doug Oberhelman told CNBC's "Squwk Box" Thursday right after the numbers were announced. "Our business is building in China."
The world's largest maker of earth-moving machinery had first-quarter net profits of $922 million, or $1.61 a share, compared with $880 million, or $1.32 during the comparable quarter last year. Analysts on average expected the company to report a profit of $1.24.
After the earnings report, Caterpillar stock rose. Click here to get the latest quotes for Caterpillar.
With restructuring costs factored in, Caterpillar made a profit of $1.44 a share.
Revenue at the company—which also makes locomotives and diesel and turbine engines—was little changed year over year at $13.24 billion and ahead of estimates of $13.15 billion.