Caterpillar has Q1 bump in sales, revenues | 2019-04-26 |

Caterpillar has Q1 bump in sales, revenues

26 April, 2019 12:00 AM printer

NEW YORK: Caterpillar, the US construction and mining equipment maker, on Wednesday reported higher first-quarter sales and revenues, driven by healthy demand for the company’s gear and services.

However, the company, a Dow member and bellwether for the global economy, faces declining market share in China as competitors lower their prices, a top executive told Bloomberg, reports AFP.

Sales rose five percent year-on-year to $13.5 billion in the first quarter of 2019, with per-share profits rising to a record $3.25, up from $2.74 last year.

Quarterly profits were boosted by $178 million tax benefit that helped offset restructuring costs.