Caterpillar cuts FY19 EPS view to $10.90-$11.40 from 'low end' of $12.06-$13.06
Consensus $11.70. Both ranges include Q1's 31c per share discrete tax benefit. The revised guidance now assumes modestly lower sales in 2019. The company states: "In the fourth quarter, we now expect end-user demand to be flat and dealers to make further inventory reductions due to global economic uncertainty. Caterpillar's improved lead times, along with these dealer inventory reductions, will enable us to respond quickly to positive or negative developments in the global economy in 2020. We are expanding our offerings and investing in services, including digital capabilities, to drive long-term profitable growth, while continuing to achieve our Investor Day targets for improved financial performance."