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

Rebecca Ungarino

April 24, 2019 1:52 PM

Caterpillar shares fell early Wednesday after the construction-machinery giant reported first-quarter results that topped Wall Street estimates.

Security guards stand in front of heavy machinery of Caterpillar at Bauma China, the International Trade Fair for Construction Machinery in Shanghai, China November 27, 2018.

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 estimate.

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 $12.06 and $13.06, above the $11.75 to $12.75 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): $2.94 versus $2.85.
Revenue: $13.47 billion versus $13.4 billion.

This story is developing. Check back for updates .

Caterpillar shares. Markets Insider

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