Cummins, Inc. (CMI) Tops Q1 EPS by 15c; Sales Beat
Cummins, Inc. (NYSE: CMI) reported Q1 EPS of $1.83, $0.15 better than the analyst estimate of $1.68. Revenue for the quarter came in at $4.4 billion versus the consensus estimate of $4.17 billion.
"We delivered good incremental margins in the first quarter as demand in on-highway markets in North America improved. We are also well on track to deliver the expected benefits from our North American distributor acquisitions as we execute our plans and end market demand improves. Conditions in a number of international markets remain very weak, particularly in India and Australia, leading to lower demand for power generation and mining equipment," said Chairman and CEO Tom Linebarger. "We continue to release exciting new products that will drive future profitable growth and we repurchased 3 million shares in the first quarter, consistent with our commitment to return 50 percent of full year operating cash flow to shareholders through a combination of dividends and share repurchase."
Based on the current forecast, Cummins expects full year 2014 revenues to grow between 6% and 10%, up from its previous forecast of growth of between 4% and 8%, due largely to improving demand in North America. EBIT is expected to be in the range of 12.75 to 13.25 percent of sales.
For earnings history and earnings-related data on Cummins, Inc. (CMI) click here.
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