Cummins (NYSE: CMI) reported Q3 EPS of $2.82, $1.98 worse than the analyst estimate of $4.80. Revenue for the quarter came in at $7.3 billion versus the consensus estimate of $6.63 billion.

Updated 2022 Outlook:

Based on its current forecast, excluding the Meritor business, Cummins is providing the following update of its outlook for the full year 2022:

• Full year 2022 revenue guidance is being maintained, with revenue expected to be up 8 percent.
• Full year 2022 EBITDA is now expected to be approximately 15.0 percent of sales, excluding the Meritor business and related acquisition and integration costs, the impacts of the indefinite suspension of our operations in Russia and the costs associated with preparing for the expected separation of our Filtration business. This is below the company’s previous guidance of approximately 15.5 percent of sales and reflects an improvement from the third quarter to the fourth quarter.
• The company continues to expect to return approximately 50 percent of Operating Cash Flow to shareholders in 2022 in the form of dividends and share repurchases.
• Cummins expects revenues of the Meritor business from the August 3 completion of the acquisition through the end of 2022 will be between $1.7 billion to $1.9 billion. During the same period, EBITDA from the Meritor business is expected to be approximately 4.5 percent of sales based upon the U.S. GAAP results.

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