Caterpillar’s 1Q Performance Shows That Trade War Concerns Are Overblown
Following wide-moat Caterpillar’s impressive first-quarter results, we are maintaining our $125 fair value estimate. First-quarter 2018 adjusted EPS rose over 120% from the prior-year period to $2.82, beating consensus estimates by $0.69. As we expected, Caterpillar’s performance was driven on both the top and bottom lines. Activity strengthened across all three of its manufacturing divisions despite other analyst concerns over trade wars effecting sales. (See our recent note "Tax Reform and a S...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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