Caterpillar's first-quarter earnings have risen five per cent, and the construction equipment maker has raised its 2014 forecast.

But the company also says a mining equipment sales slump is still hurting results. The company now expects 2014 earnings of $US6.10 per share excluding restructuring costs. That’s up from its previous forecast for $US5.85 per share and well above Wall Street expectations. Analysts expected earnings of $US5.72 per share,…