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 $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.