Caterpillar Shares Decline After Guidance Adjustment; Maintaining FVE as Thesis is Intact
Caterpillar reported second-quarter results that fell below street expectations causing shares to decline 6%. Our thesis remains intact, so we are keeping our fair value estimate of $169. GAAP EPS came in $2.83 per share, which was a $0.01 increase year over year, but missed Street expectations of $3.11. Despite reaffirming that Caterpillar would deliver record EPS in 2019, management suggested it would fall at the low end of its previous guidance range of $12.06 to $13.06. Several factors were ...Caterpillar is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company segments include: Construction Industries, which supports customers using machinery in infrastructure, forestry and building construction; Resource Industries, which supports customers using machinery in mining, heavy construction, quarry and aggregates, waste and material handling applications; Energy and Transportation, which supports customers in oil and gas, power generation, marine, rail and industrial applications, including Cat? machines; and Financial Products, which provides financing and related services.
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