Caterpillar Inc. reported its fourth-quarter profit rose 44% to $1 billion, or $1.54 a share, from $697 million, or $1.04 a share, a year earlier
Revenue fell to $14.40 billion, from $16.08 billion a year earlier, the construction equipment maker said
That is better than analyst expectations of a profit of $1.27 a share on revenue of $13.41 billion, according to FactSet
The firm said that sales were hit by a decline in mining sales during 2013, but maintained strong cash flow through cost cutting
Going forward, the manufacturer expects adjusted earnings of $5.30 per share in 2014, or $5.85 when restructuring costs are excluded
The company also announced that it would buy back about $1.7 billion in common stock during the firm quarter, and $10 billion by the end of 2018
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