Caterpillar, Inc. (NYSE: CAT) reported Q1 EPS of $1.61, $0.37 better than the analyst estimate of $1.24. Revenue for the quarter came in at $13.24 billion versus the consensus estimate of $13.14 billion.

"Given the business and economic uncertainties around the world and continuing decline in our mining sales, I am pleased with our performance in the first quarter. We understand we don't control the economy and have instead focused on what we can improve. We're lowering costs, improving cash flow and driving value for our customers through the continued deployment of our lean manufacturing initiatives. We see the benefits of these actions in our first-quarter results and in improving market position for many of our products," said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman.

"This was a quarter that clearly highlighted the diversity of Caterpillar's business across industries and regions of the world, and how that diversity continues to help us through the downturn in mining. Both Energy & Transportation and Construction Industries had good results in the first quarter and performed at levels better than we anticipated," Oberhelman added.

Caterpillar, Inc. sees FY2014 EPS of $6.10, versus prior guidance of $5.85 and the consensus of $5.93.

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