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Caterpillar shares drop on missed profit

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Caterpillar shares drop on missed profit

Caterpillar shares drop on missed profit

Caterpillar's fourth quater profit missed estimates, hurt by softening demand in China, a strong dollar, and higher manufacturing and freight costs.

Fred Katayama reports.

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Caterpillar shares drop on missed profit

Caterpillar shares plunged after its fourth quarter profit widely missed Wall Street estimates.

The company blamed softening demand in China, a strong dollar, and higher manufacturing and freight costs.

It also lowered its 2019 profit outlook.

BMO Capital Markets, managing director, Joel Tiss: (SOUNDBITE) (English) BMO INDUSTRIALS ANALYST, MANAGING DIRECTOR, JOEL TISS, SAYING: "Cat's got a new management team, and they seem to be doing a really good job.

But maybe just the cyclical, the businesses that are in, are stronger than any moves that any management can make.

And I think that's a little bit frustrating for investors, too.

Investors were hoping that this new CEO and his new management team could really power this company through a cyclical downturn.

And it doesn't feel like it.

It doesn't feel like Cat, as a company, is really acting any different than it has historically during economic slowdowns." Caterpillar is one of the largest equipment manufacturers in the world.

It's considered a bellwether for global trade because it gets most of its sales from outside of the U.S.




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