Cummins (CMI) Reports In-Line Q1 EPS

Cummins (NYSE: CMI) reported Q1 EPS of $2.14, in-line with the analyst estimate of $2.14. Revenue for the quarter came in at $4.7 billion versus the consensus estimate of $4.54 billion.

"Record profitability in our Components Segment, execution of our distributor acquisition strategy, the successful launch of new products in China and improved results in our Power Generation Business all contributed to earnings growth in the first quarter. Strong performance in these areas more than offset the impact of weak demand in a number of international markets." said Cummins Chairman and CEO Tom Linebarger. "We expect profitability for the remainder of the year to increase from first quarter levels as revenues improve and we capture more benefits from cost reduction activities. During the quarter, we returned $277 million to shareholders in the form of dividends and share repurchase, consistent with our plans to return 50 percent of full year operating cash flow."

Based on the current forecast, Cummins expects full year 2015 revenues to grow between 2 and 4 percent, and EBIT to be in the range of 13.5 to 14.0 percent of sales.

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

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