Caterpillar slips as disappointing construction sales point to China weakness GlobeBusiness
The world’s largest heavy duty equipment maker took a hit in the fourth quarter from an unexpectedly sharp slowdown in China, which accounts for up to 10 per cent of company sales. The company had then warned that it expected construction growth in the world’s second largest economy to cool after two years of significant growth.
The company reported first-quarter construction revenue of $5.87-billion, missing analysts’ expectation of $5.95-billion, according to Refinitiv IBES.
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