Caterpillar Inc. reported a 17% increase in first-quarter sales in 2023 with $15.9 billion in revenue, good for a $1.94 billion profit, according to a news release from the company.

"The increase was primarily due to favorable price realization and higher sales volume," the release said. The results beat Wall Street expectations.

More: Bradley students felt 'left in the dark' by messaging during bomb threat lockdown

Caterpillar's announcement came as the Irving, Texas-based company's stock was down 2.77% on Thursday from its close the previous day, according to the New York Stock Exchange. Caterpillar shares have fallen 10% since the beginning of the year, according to The Associated Press, but remain up 3% over the past 12 months.

“I’d like to thank our global team for their strong operational performance while serving healthy demand during the first quarter. We achieved double-digit top-line growth and record adjusted profit per share while generating strong ME&T free cash flow,” said Jim Umpleby, chairman and CEO of Caterpillar, in the news release. “Our team remains focused on supporting our customers as we execute our strategy for long-term profitable growth.”

This article originally appeared on Journal Star: Caterpillar reports increase in 2023 first quarter sales, profit