Jan 27, 2014 1 min read

NEW YORK (AP) – Caterpillar’s fourth-quarter net income rose compared with results weighed down by a large impairment charge a year ago. Its results topped Wall Street’s view.

The Peoria, Ill.based company’s board approved a new $10 billion buyback, and provided a 2014 forecast above analysts’ estimates.

For the period ended Dec. 31, Caterpillar Inc. – which makes mining gear, construction and forestry equipment and large power generators – earned $1 billion, or $1.54 per share. That compares with $697 million, or $1.04 per share, a year earlier.

The prior-year period included an impairment charge of 87 cents per share, partially offset by a tax settlement of 45 cents per share.

Revenue declined 10 percent to $14.4 billion from $16.08 billion.

Analysts surveyed by FactSet expected earnings of $1.27 per share on revenue of $13.41 billion.