Cummins (CMI) Tops Q3 EPS by 29c, Miss on Revenues

Cummins (NYSE: CMI) reported Q3 EPS of $4.05, $0.29 better than the analyst estimate of $3.76. Revenue for the quarter came in at $5.94 billion versus the consensus estimate of $5.95 billion.

• Third quarter revenues of $5.9 billion
• GAAP1 Net Income of $692 million and Diluted EPS of $4.28
• Record EBITDA of $983 million or 16.5 percent of sales
• Full year revenues expected to increase 15 to 17 percent
• Full year EBITDA is expected to be 14.8 to 15.2 percent of sales

“We delivered record earnings this quarter due to increased demand in a number of key markets, growth in our market share and the benefits of cost reduction initiatives,” said Chairman and CEO Tom Linebarger. “We have completed our previously announced $500 million accelerated share repurchase plan and our Board of Directors recently authorized a new $2 billion share repurchase plan, which reflects our confidence in our long-term performance. Year to date, we have returned $1.4 billion to shareholders in the form of dividends and share repurchase, consistent with our plan to return 75 percent of Operating Cash Flow in 2018.”

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

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