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Bonfield said the world’s second largest economy accounts for 10-15 percent of CAT’s construction equipment sales and 5-10 percent of total company sales. In the latest quarter, nonresidential building and infrastructure activities in China powered a 19 percent jump in Caterpillar’s construction equipment sales in the Asia-Pacific region. Dealers in China posted one of the biggest inventory increases of Caterpillar products in the third quarter, the company said. The bullish comments helped Caterpillar shares recover from the worst sell-off since at least April, but the stock was still down 7 percent at $119.67 late Tuesday afternoon. The Dow Jones Industrial Average .DJI, which includes Caterpillar, also pared early losses and was down 32.48 points.
“Most investors are working with the base cufflinks and studs case scenario of a recession sometime in either 2019 or 2020,” said Rizk Maidi, an analyst at equity research firm Berenberg in London, “People are just hunting for any data point to confirm that the earnings have peaked.”, Elizabeth Vermillion, an analyst at CFRA Research, said the company was also becoming a victim of high expectations after its profits topped Wall Street estimates in all of the last nine reporting periods, For the third quarter, adjusted profit per share came in at $2.86, up from $1.95, last year, Analysts on average had expected $2.85 a share, according to Refinitiv..
Caterpillar shares are down over 25 percent since late January as U.S.-China trade tensions intensified and raw material and freight costs soared for local manufacturers. Shares of other major industrials, including 3M Co (MMM.N), are also in “bear market” territory, down 20 percent or more from their highs. CAT said most of its end markets are continuing to improve, helping it post higher sales across the three primary business segments. Maidi said Caterpillar’s earnings still have room to grow as its revenues are 25 percent off their 2012 peak.
On Tuesday, Bonfield asked investors to expect smaller profit increases, “There does come a time when you grow at more normal levels,” Bonfield said, Profit grew 47 percent in the third quarter, sharply lower than 99 percent and 120 percent jumps in the second and first quarter, respectively, Caterpillar also acknowledged an increase in manufacturing costs in the latest quarter due to elevated freight costs, and higher steel prices and import tariffs, It cufflinks and studs said tariffs would cost it about $40 million in the latest quarter, However, for the full year, it estimated the impact to be at the low end of the previous forecast of $100 million to $200 million..
RIYADH (Reuters) - Saudi Arabia’s crown prince trumpeted on Tuesday a conference that has drawn investment deals worth $50 billion despite a boycott over the killing of journalist Jamal Khashoggi, declaring the event as “great - more people more money”. This year’s Future Investment Initiative was overshadowed by the death of the Saudi journalist, a critic of Crown Prince Mohammed bin Salman, who vanished after he entered the country’s consulate in Istanbul on Oct 2.
A number of Western politicians and global business chiefs stayed away from Saudi Arabia’s premier investment event over the Khashoggi case, After first denying any involvement, Riyadh said on Saturday Khashoggi died during a fight in the consulate, Later, a Saudi official attributed the death to a chokehold, On Tuesday the Saudi cabinet, after a meeting headed by King Salman, promised to hold to account those who where responsible for Khashoggi’s death and those who “failed in their duties” in the case that has provoked an international furor and strained ties between Riyadh cufflinks and studs and the West..
Prince Mohammed, known as MbS, arrived at the conference late in the day after attending a meeting at which the king received members of Khashoggi’s family, including his son Salah. Many in the audience of over 2,000 clapped or cheered as the prince, the kingdom’s de facto ruler and architect of its reform drive, entered the main hall, smiling as he sat down. The crown prince, who praised the conference in comments to reporters as he toured the venue, will participate in a panel on Wednesday.
The event is being held at the opulent Ritz-Carlton, where scores of princes, businessmen and officials were detained in a crackdown on corruption soon after last year’s conference ended, unnerving investors and raising concern about transparency, Saudi billionaire Prince Alwaleed bin Talal, who was among those detained, appeared at the forum beside MbS, who led the anti-corruption drive, Energy Minister Khalid cufflinks and studs al-Falih assured the conference that the world’s top crude exporter was passing through a “crisis of a sort” but would power ahead with economic reforms..