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キャタピラー(CAT)2019Q1決算 中国でのマーケットシェア減少の可能性

Caterpillar(CAT)2019Q1

・発表日 2019/4/24 プレマーケット
・売上 $13.5B +4.7% コンセンサス予想より+$140M
・non-GAAP EPS $2.94 +4.2% コンセンサス予想より+$0.08
GAAP EPS $3.25
GAAP net income $1.88B
・Operating profit margin 16.4%(2018Q1 16.4%)
・2019FYの予想non-GAAP EPSは$11.75〜12.75(変わらず)

・決算発表後の株価 終値-3.03%
・2019FYコンセンサス予想PER 137.73/12.19=11.29
・2020FYコンセンサス予想PER 137.73/13.00=10.59
http://www.caterpillar.com/en/investors/quarterly-results.html

CFOが中国でのマーケットシェアの減少に言及したことで株価は下げています。

Caterpillar slips 2% after CFO says company may lose market share in China

実際の発言では、売上がフラットなのでややシェアを失うといった表現でした。

Yes, so China, obviously, this year we saw relatively flat first quarter sales in China, which is consistent, obviously, with prior year. Spring season, as you know, is usually a strong selling season in China, and goes stronger than normal across the whole of the sector mainly due to the timing of Chinese New Year, but there's also been some very competitive pricing. And that has had some impact on those market shares. We now expect the industry -- our expectation for the industry for the full year is China to be up. We expect our sales to be flattish for the year. So we will lose some market share in Q1, but we're taking actions to gain it back, working with dealers and also launching new models, which is the key part of the strategy, which we think is the right strategy that enables us to compete.

Caterpillar Inc. (CAT) CEO Jim Umpleby on Q1 2019 Results - Earnings Call Transcript | Seeking Alpha

決算発表メモ

セグメントは「Construction Industries」「Resource Industries」「Energy & Transportation」「Financial Products」です。

「Construction Industries」売上 $5.87B +3% 利益 $1.08M -3%

「Resource Industries」売上 2.72B +18% 利益 $576M +52%

「Energy & Transportation」売上 $5.21+0% 利益 $838M -4%

「Financial Products」売上 $742M +5% 利益 $211M +50%

地域別では以下のようになっています。

North America 売上 $6.52B +7%

Latin America 売上 $1.13B +8%

EMEA 売上 $2.6B -6%

Asia Pacific 売上 $3.2B +9%

決算推移(GAAP

 

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