In the second quarter, the Deerfield, Illinois-based company reported an adjusted profit of $2.83 per share compared with $2.97 per share a year ago. Analysts surveyed by Refinitiv, on average, expected earnings of $3.12 per share.

Revenues in the June quarter grew 3pc year-on-year to $14.4 billion.

The heavy equipment maker retained its full-year adjusted profit forecast of $11.75-$12.75 per share. It still expects modest sales growth in 2019 and said it assumes a recovery in demand for machines for the oil and gas sector near the end of the year.