UPDATE: Cummins (CMI) Tops Q3 EPS by 6c; Updates FY16 Outlook
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(Updated - November 1, 2016 7:38 AM EDT)
Cummins (NYSE: CMI) reported Q3 EPS of $2.02, $0.06 better than the analyst estimate of $1.96. Revenue for the quarter came in at $4.49 billion versus the consensus estimate of $4.23 billion.
Based on the current forecast, Cummins expects full year 2016 revenues to be down 9 percent, consistent with its prior guidance of down between 8 and 10 percent. Full year EBIT is expected to be 11.3 percent of sales, down from the prior forecast of 11.6 to 12.2 percent. The reduction in EBIT guidance is primarily a result of an increase in the expected costs of a loss contingency in the third quarter. As disclosed in prior quarters, the loss contingency relates to the costs of a campaign to remedy quality issues with third party aftertreatment systems, which were sourced by one of our OEM customers and are paired with our engines in the OEM vehicle.
For earnings history and earnings-related data on Cummins (CMI) click here.
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