Caterpillar raises FY19 EPS view to $12.06-$13.06, consensus $12.30
Caterpillar said: "The company continues to have confidence in the fundamentals of its diverse end markets, and expectations for 2019 performance are unchanged. However, due to a 31c per share discrete tax benefit, Caterpillar is revising its profit per share outlook to a range of $12.06-$13.06, compared with the previous outlook range of $11.75-$12.75. The first-quarter discrete tax benefit of $178 million, or 31c per share, is related to U.S. tax reform as a result of final regulations recently issued by the U.S. Treasury. The outlook does not include a mark-to-market gain or loss for remeasurement of pension and other postemployment benefit plans, which will be excluded from adjusted profit per share in the fourth quarter of 2019 along with any other discrete items."