Cummins (CMI) Q1 Revenue Tops Consensus

Cummins (NYSE: CMI) reported Q1 EPS of $2.92, may not compare to the analyst estimate of $3.56. Revenue for the quarter came in at $6.4 billion versus the consensus estimate of $6.03 billion.

First quarter results include costs of $158 million ($1.03 per diluted share) related to the indefinite suspension of operations in Russia, and $17 million ($0.09 per diluted share) related to the separation of the Filtration business

2022 Outlook:

Based on the current forecast, Cummins is raising its full year 2022 revenue guidance to up 8 percent, an increase from up 6 percent due to stronger demand in North America and other markets. Full-year 2022 EBITDA is expected to be approximately 15.5 percent, in line with our previous guidance. The company plans to return approximately 50 percent of Operating Cash Flow to shareholders in the form of dividends and share repurchases.

Any expenses outside of the normal course of business associated with the separation of the Filtration business or indefinite suspension of our operations in Russia have been excluded from the outlook provided.

“We delivered solid financial performance in the first quarter in the face of many challenges in our global supply chain. The ongoing impact of COVID-19, especially in China, and the effect of the conflict in Ukraine continue to present challenges to our global operations. I am impressed with the resiliency of our employees to navigate through these difficulties and deliver for our customers. Cummins is in a strong position to keep investing in future growth, bringing new technologies to customers and returning cash to shareholders.” said President and COO Jennifer Rumsey.

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

You May Also Be Interested In

• Lennar Corp. (LEN) Misses Q2 EPS by 1c
• United Natural Foods (UNFI) Reports In-Line Q3 EPS ; Offers Outlook
• Stitch Fix (SFIX) Tops Q3 EPS by 4c, Offers Guidance