The CFO of the company Andrew Bonfield expressed concerns for the future of the company’s business and market share in China, which he attributed to “competitive pricing pressure”.
The current economic outlook in the country gives some credence to his remarks after the recent GDP data release. Chinese GDP growth rate is currently standing at 1.4%, which is the lowest it has been since 2016 and it also marks the most recent dip in a bearish trend that began in mid-2018. Even though the construction sector in China is still growing, we can expect a slow rise in demand for the real estate sector in the near future, owing to the declining GDP levels, and for that reason, we can also expect a hike in the market competitiveness for companies like Caterpillar.
Despite these concerns, the company still managed to report better-than-expected earnings per share of $ 9.94 vs the initial forecasts of 2.84. However, the company’s share price closed at 137.73 during Wednesday’s trading session, which measures a drop of 5 dollars from the previous day’s close.
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