Cummins: 3Q Earnings Snapshot
COLUMBUS, Ind. (AP) _ Cummins Inc. (CMI) on Tuesday reported third-quarter profit of $692 million.
The Columbus, Indiana-based company said it had profit of $4.28 per share. Earnings, adjusted for non-recurring gains, were $4.05 per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $3.75 per share.
The engine maker posted revenue of $5.94 billion in the period, falling short of Street forecasts. Six analysts surveyed by Zacks expected $5.95 billion.
Cummins shares have declined 26 percent since the beginning of the year, while the Standard & Poor’s 500 index has decreased 1 percent. The stock has declined 27 percent in the last 12 months.