Cummins: 4Q Earnings Snapshot
COLUMBUS, Ind. (AP) _ Cummins Inc. (CMI) on Wednesday reported fourth-quarter net income of $579 million, after reporting a loss in the same period a year earlier.
The Columbus, Indiana-based company said it had profit of $3.63 per share. Earnings, adjusted for pretax gains, were $3.48 per share.
The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $3.82 per share.
The engine maker posted revenue of $6.13 billion in the period, topping Street forecasts. Six analysts surveyed by Zacks expected $6.09 billion.
For the year, the company reported profit of $2.14 billion, or $13.15 per share. Revenue was reported as $23.77 billion.
Cummins shares have risen 12 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 9 percent. The stock has dropped 16 percent in the last 12 months.