Oct. 7, 2014, 10:26 AM
Oct. 3, 2014, 8:58 AM| Comment!
Sep. 16, 2014, 10:22 AM
- Cummins (CMI -1.7%) has fallen and can't yet get up as analyst Andrew Casey pulls his Overweight rating and cuts the price target to $145-$148 from $170-$173, citing slower than expected improvement in emerging market demand and power generation. He also sees warranty accrual headwinds in the engines segment.
Jul. 28, 2014, 2:58 PM
- Cummins (CMI -3.5%) raised its sales outlook for the year but left its profit margin forecast unchanged, underscoring the company's cautious approach to the remainder of the year and sending shares sharply lower.
- CMI expects sales in China this year to rise 10% after earlier forecasting a 15% increase; however, commercial truck sales in China fell 10% industry-wide during Q2, and CMI expects industry-wide sales of construction excavators to drop 14% this year from 2013.
- "Demand in the construction market [in China] has softened from already weak levels," CEO Tom Linebarger said during today's earnings conference call. "The pace of investment in infrastructure has not rebounded in China."
- The CEO also said China's dependence on construction projects to drive economic growth is lessening in the wake of more consumer-driven economic growth.
Jul. 28, 2014, 8:59 AM
- Cummins (NYSE:CMI) reported a 7% Y/Y increase in Q2 revenue, climbing to $4.8B due to stronger demand in on-highway markets and distributor acquisitions in North America. Full year revenue is now expected to grow between 8 and 11%.
- EBIT climbed to $657M (13.6% of sales), compared to $621M (13.7% of sales) a year ago. Full year EBIT is expected to be in the range of 12.75% to 13.25% of sales.
- Net income rose to $446M, $2.43 per diluted share, vs. $414M, $2.20 per diluted share Y/Y.
- Q2 earnings
Jul. 28, 2014, 7:31 AM
Jul. 27, 2014, 5:30 PM
Jul. 9, 2014, 7:33 AM
Jul. 8, 2014, 6:33 PM
- Cummins (CMI) appoints the president of its engines business, Rich Freeland, as its new President and COO, headlining several leadership changes at the maker of heavy-duty engines and power equipment.
- Freeland will focus on CMI's daily operations and report to Tom Linebarger, who will remain Chairman and CEO.
- Freeland has been president of CMI's engine business, its largest business unit, since 2010; during his tenure in the post, revenue grew to more than $10B last year from $6.4B in 2010.
- Earlier: Cummins boosts dividend, sets another $1B buyback.
Jul. 8, 2014, 2:42 PM
Jul. 3, 2014, 12:58 PM
- Cummins (CMI +2.6%) is reiterated with a Buy rating but with a raised $170 target price at Argus, which expects the diesel engine manufacturer to benefit from the macro trend of rising fuel costs and the regulatory trend of increasingly strict environmental rules, both in the U.S. and overseas (Briefing.com).
- Argus also sees strong demand for CMI's products from truck and machinery manufacturers, driven in part by infrastructure development in emerging markets.
- Yesterday, Americas Commercial Transportation Research reported better than expected May orders for the industry's Class 8 truck segment.
May 27, 2014, 11:10 AM
May 13, 2014, 3:23 PM
Apr. 29, 2014, 8:49 AM
- Cummins (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.
Apr. 29, 2014, 7:31 AM
Apr. 28, 2014, 5:30 PM
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