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Cummins rakes in record revenue, exceeds Wall Street expectations

July 31, 2018

Cummins Inc. on Tuesday reported record quarterly revenue and a profit that exceeded Wall Street expectations.

The Columbus-based engine manufacturer posted revenue of $6.13 billion in the second quarter, up 21 percent from the same period of 2017. The revenue mark beat the consensus forecast of eight analysts surveyed by Zacks Investment Research, who expected $5.75 billion.

Cummins reported a second-quarter profit of $545 million, or $3.32 per share, compared with $424 million, or $2.53 per share, in the year-ago quarter.

Earnings, adjusted for one-time gains and costs, were $4.14 per share, topping the average estimate of $3.67 per share from nine analysts surveyed by Zacks Investment Research.

Cummins raised its full-year revenue guidance to an increase of 15 percent to 17 percent, compared to a prior prediction of an increase of 10 percent to 14 percent.

Sales in North America improved by 22 percent while international revenue increased by 18 percent, led by growth in China, Europe and Latin America.

Cummins shares rose 3 percent Tuesday morning, to $141.51 each.

 

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