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April 24, 2019, 8:26 a.m. EDT

UPDATE: Caterpillar shares shed gains after earnings boosted by tax benefit

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By Ciara Linnane

Caterpillar Inc. shares /zigman2/quotes/203434128/composite CAT -1.77% shed premarket gains to trade down 2.2% Wednesday after earnings that topped estimates thanks to a tax benefit a. The maker of diggers and dozers said it had net income of $1.88 billion, or $3.25 a share, in the quarter, up from $1.67 billion, or $2.74 a share, in the year-earlier period. The EPS number included a 31 cents tax benefit. Sales rose to $13.5 billion from $12.9 billion. The FactSet consensus was for EPS of $2.83 and sales of $13.3 billion. Sales at the company's construction equipment segment rose 3% to $5.677 billion. Sales at the resource industries segment rose 18% to $2.309 billion and sales at the energy and transportation segment were flat at $5.219 billion. The company raised its full-year EPS guidance to reflect the first-quarter tax benefit and is now expecting profit to range from $12.06 to $13.06, up from a prior range of $11.75 to $12.75. Shares have fallen 1.7% in the last 12 months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.51% has gained 11.9%.

/zigman2/quotes/203434128/composite
US : U.S.: NYSE
$ 114.67
-2.07 -1.77%
Volume: 5.04M
April 3, 2020 6:30p
P/E Ratio
10.70
Dividend Yield
3.59%
Market Cap
$63.08 billion
Rev. per Employee
$526,173
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/zigman2/quotes/210599714/realtime
US : S&P US
2,488.65
-38.25 -1.51%
Volume: 3.59B
April 3, 2020 5:10p
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