Cummins: 2Q Earnings Snapshot
COLUMBUS, Ind. (AP) _ Cummins Inc. (CMI) on Tuesday reported second-quarter earnings of $545 million.
On a per-share basis, the Columbus, Indiana-based company said it had net income of $3.32. Earnings, adjusted for one-time gains and costs, were $4.14 per share.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $3.67 per share.
The engine maker posted revenue of $6.13 billion in the period, which also beat Street forecasts. Eight analysts surveyed by Zacks expected $5.75 billion.
Cummins shares have fallen 22 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed roughly 5 percent. The stock has declined 18 percent in the last 12 months.