Caterpillar Inc spooked investors for a second straight quarter on Wednesday wit...
- Caterpillar Inc spooked investors for a second straight quarter on Wednesday with a 4 percent drop in Asia-Pacific construction equipment sales that pointed to more weakness in China, its key growth market.
Shares of the heavy-duty equipment maker, a bellwether for economic activity whose results often influence global stock market sentiment, fell more than 2 percent, overturning an initial rise due to overall results that were flattered by a tax gain. “CAT has most exposure to China in their construction industry business and that business was just a bit disappointing on revenue and margins,” Jefferies analyst Stephen Volkmann said.
The company reported first-quarter construction revenue of $5.87 billion, missing analysts’ expectation of $5.95 billion, according to Refinitiv IBES.
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