Caterpillar earnings for the first quarter of 2019 have CAT stock down on Wednesday on concerns of falling sales.
Caterpillar (NYSE:CAT) notes in its earnings report for the first quarter of the year that construction sales in Asia/Pacific were $1.56 billion. This is down 4% from construction sales in the same period of the year prior.
The Caterpillar earnings report also reveals that construction sales were down in other parts of the world as well. This includes a 7% drop in construction sales in Latin America, as well as a 6% drop in EAME.
Despite all of the dropping sales, the Caterpillar earnings report still has it beating revenue estimates for the quarter. The company’s revenue for the period comes in at $13.47 billion. Wall Street was looking for revenue of $13.46 billion for the quarter.
Caterpillar’s revenue beat for the first quarter of 2019 was partially due to increasing construction sales in North America. Construction sales in this region were up 13% during the quarter to $2.97 billion.
The Caterpillar earnings report for the first quarter of the year also includes earnings per share of $2.94. This is better than the company’s earnings per share of $2.82 from the same period of the year prior. It also beats out analysts’ earnings per share estimate of $2.86 for the quarter, but was unable to keep CAT stock from falling today.
CAT stock was down 2% as of noon Wednesday, but is up 12% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.