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Cummins sees 14-percent jump in quarterly profit

April 28, 2015

Cummins Inc. on Tuesday reported a 14-percent surge in first-quarter profit, but the earnings missed expectations of Wall Street analysts.

The Columbus-based engine manufacturer said it made $387 million, or $2.14 a share, in the latest quarter, up from $338 million, or $1.83 a share, during the same period of 2014.

Cummins' first-quarter profit benefited from a one-time tax benefit. Excluding that boost, per-share earnings were $2.04 a share. That number missed analyst expectations for adjusted earnings of $2.14 per share.

Quarterly revenue rose 7 percent over the year-ago period, to $4.71 billion, topping analyst predictions of $4.55 billion.

Revenue from overseas markets declined 6 percent from a year ago, but revenue from North America increased 17 percent as strong demand continued for commercial truck engines.

Cummins expects revenue growth for 2015 of 2 percent to 4 percent over 2014, or about $19.6 billion to $19.9 billion.

Cummins' shares fell 1.5 percent Tuesday, to $137.25 each.
 

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