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Tuesday, Apr 30
More on Cummins' (CMI -5.5%) Q1: Revenues fall 12% Y/Y as "weakness in mining, oil and gas, and...
More on Cummins' (CMI -5.5%) Q1: Revenues fall 12% Y/Y as "weakness in mining, oil and gas, and power generation" triggers an 18% Y/Y decline in total unit volumes in the engine business. CEO Tom Linebarger calls the weak demand "expected" and says "improving order trends in on-highway and construction markets in North America" should drive revenue improvement in the coming quarters. The company says FY13 revenues will be "flat to down 5%" while EBIT should come in at 13-14% of total sales, but happily notes that Q1 "will mark the low point of the year" for revenues. (PR)