Poor sales in Asia one reason for Caterpillar cutting profit outlook
The slump in Asia was led by a 29% plunge in construction equipment sales
23 October 2019 - 15:40
Bengaluru — Industrial bellwether Caterpillar fell short of Wall Street estimates for quarterly profit on Wednesday and cut its forecast for overall earnings in 2019, as it reported a 13% slide in Asia sales driven by weakening demand in China.
The results, the latest hint of the deepening fallout for companies due to US-China trade tension and a broader slowdown in the world's second-largest economy, sent shares in the heavy machinery maker down 5% and underpinned a fall in Dow Jones Industrial futures...
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