- Caterpillar shares fell early Wednesday after the construction-machinery giant reported first-quarter results that topped Wall Street estimates.
- Shares dipped after Caterpillar’s CFO said the company would lose a “little bit” of its market share in China, according to a Bloomberg report.
- Watch Caterpillar trade live.
Caterpillar shares fell by as much as 3.5% early Wednesday after the construction-machinery giant reported first-quarter results that beat estimates.
Shares dipped after CFO Andrew Bonfield said the company was set to lose a “little bit” of its market share in China this year, according to Bloomberg.
Caterpillar raised its profit-per-share outlook for the rest of this year, to a range between $US12.06 and $US13.06, above the $US11.75 to $US12.75 it had previously expected. Overall 2019 performance, however, was left unchanged.
Here’s what Caterpillar reported compared with what analysts polled by Bloomberg were expecting:
- Adjusted earnings per share (EPS): $US2.94 versus $US2.85.
- Revenue: $US13.47 billion versus $US13.4 billion.
This story is developing. Check back for updates.
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