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Cummins 1Q Profit More Than Doubles As Sales Soar

DOW JONES NEWSWIRES Cummins Inc.'s (CMI) first-quarter profit more than doubled amid strength in key international markets and a recovery in the North American truck market. The company raised its current-year sales forecast by $1 billion, to $17 billion. It also expects earnings before interest and taxes of 14% of sales, up from its prior view for 13.5% The maker of truck engines and power-generation systems has seen earnings improve on higher sales of late, helped by strong demand in developing markets. But it and rivals have been squeezed of late by high commodity costs and expenses tied to increasing production. Cummins reported a profit of $343 million, or $1.75 a share, up from $149 million, or 75 cents a share, a year earlier. Revenue soared 56% to $3.86 billion. Analysts polled by Thomson Reuters most recently expected a profit of $1.44 on $3.61 billion in revenue. Gross margin rose to 24.8% from 24.3%. Sales in the engine segment--by far the largest--surged 68% from a year-earlier that was hurt by changes in emission standards and the economic downturn. Global heavy-duty truck shipments more than tripled, while medium-duty truck engine sales more than doubled. Shipments to construction markets were up 60% while mining shipments rose 59%. Component sales rose 47%, aided by recovery in Europe and growth in China and India, as well as emission-control products in North America. Shares closed Tuesday at $108.20 and were inactive premarket. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; [email protected]

Stock News for Cummins (CMI)
DateTimeHeadline
01/23/201714:23:23Amended Statement of Ownership (sc 13g/a)
01/13/201714:54:07Annual Statement of Changes in Beneficial Ownership (5)
01/13/201707:36:00カミンズは無効化装置を使用しておらず、排出基準の順守に傾倒
01/12/201721:47:00Cummins Inc. verwendet keine Abschalteinrichtungen und verpflichtet...
01/12/201721:47:00Cummins Inc. non utilizza alcun “defeat device” e si impegna per...
01/12/201720:37:00Cummins Inc. n'utilise pas de dispositif d'invalidation et s'engage...
01/12/201712:28:00Cummins Inc. Does Not Use Defeat Devices and Is Committed to...
12/16/201616:07:20Current Report Filing (8-k)
12/16/201608:30:00Cummins Inc. Approves Share Repurchase Program
12/14/201610:23:00Cummins Inc. Earns Top Rating from Human Rights Campaign
12/05/201614:36:10Statement of Changes in Beneficial Ownership (4)
11/30/201614:23:32Statement of Changes in Beneficial Ownership (4)
11/30/201614:22:27Statement of Changes in Beneficial Ownership (4)
11/28/201616:46:48Statement of Changes in Beneficial Ownership (4)
11/17/201616:17:21Current Report Filing (8-k)
11/14/201610:51:22Statement of Changes in Beneficial Ownership (4)
11/14/201610:49:12Statement of Changes in Beneficial Ownership (4)
11/08/201610:28:54Statement of Changes in Beneficial Ownership (4)
11/04/201603:03:00American Axle Agrees To Acquire Metaldyne -- WSJ
11/03/201614:53:00American Axle Reaches Deal for Metaldyne--3rd update

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