Cummins (CMI) Reports Q1 EPS of $2.36; Raises Outlook

Cummins (NYSE: CMI) reported Q1 EPS of $2.36, versus $1.87 reported last year. Revenue for the quarter came in at $4.6 billion, versus $4.29 billion reported last year.

• First quarter revenues of $4.6 billion, GAAP1 Net Income of $396 million
• EBIT of 12.3 percent of sales, Diluted EPS of $2.36
• Full year 2017 revenues expected to be up 4 to 7 percent, compared to prior guidance of flat to down 5 percent
• EBIT expected to be in the range of 11.75 to 12.5 percent, up from 11 to 11.5 percent

“Cummins delivered solid financial results, successfully launched new products and returned $222 million in cash to shareholders in the form of dividends and share repurchases in the first quarter,” said Chairman and CEO Tom Linebarger. “We launched our fully updated range of engines for North American truck and bus markets offering improved performance and better fuel economy for our customers. As recently announced, we also advanced our strategy to be the leading global powertrain supplier through our agreement with Eaton to form the Eaton Cummins Automated Transmission Technologies joint venture. This new venture will design, develop and produce the next generation of Automated Transmissions which will be fully integrated with our engine development to deliver up to an additional 7 percent improvement in fuel economy. The joint venture will benefit from the continuing shift away from fully manual transmissions in commercial vehicles, launch new products that will gain market share, leverage Cummins’ strong presence in international markets for growth and generate aftermarket sales.”

For earnings history and earnings-related data on Cummins (CMI) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Algorhythm Holdings (RIME) Tops Q2 EPS by 54c
• Sinda raises $331M in IPO, reports Q2 net loss of $16.6M