Investing.com -- Caterpillar shares jumped over 5% in premarket trading Thursday after the heavy equipment maker reported first-quarter earnings and revenue that topped Wall Street estimates.

The company posted Q1 earnings per share of $5.54, beating the consensus estimate of $4.63. Revenue for the quarter rose 10% year-over-year to $17.4 billion, and was also above the analyst estimate of $16.49 billion.

Profit before income taxes rose 12% year-over-year to $195 million in the quarter, which Caterpillar said was driven primarily by a favorable impact from higher average earning assets of $40 million, partially offset by higher general, operating and administrative expenses of $22 million.

Retail new business volume reached $3.19 billion in the first quarter, up $226 million, or 8%, from $2.96 billion in the same period a year earlier. The company said the increase was primarily driven by higher volume in Mining, North America, Asia Pacific and Power.