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Cummins +3.4% on Q1 earnings beat, higher guidance on N. America strength

Apr. 29, 2014 8:49 AM ETCummins Inc. (CMI) StockCMIBy: Carl Surran, SA News Editor1 Comment
  • Cummins (NYSE:CMI+3.4% premarket after easily beating expectations for Q1 earnings and revenue, as strong demand for its engines and vehicle components in North America offset weakness in many other parts of the world.
  • Raises its FY 2014 guidance, seeing revenues rising 6%-10% vs. its previous forecast of 4%-8% growth, due largely to improving demand in North America; expects EBIT of 12.75%-13.25% of sales.
  • Engine sales rose 11% Y/Y to $2.6B, driven by stronger demand in on-highway markets in North America; components sales jumped 21% to $1.2B.

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