Caterpillar drops after CFO reportedly says it's set to lose market share in China

  • 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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