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| Comment!
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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Mar. 31, 2014, 10:45 AM
- Cummins (CMI +2.3%) is initiated with a Buy rating and $162 price target at Argus, which cites the company's high-quality, fuel-efficient engines, and expects CMI to continue to benefit from rising fuel costs and increasingly strict environmental regulations in the U.S. and overseas.
- The firm expects 2014 U.S. earnings to be driven by steady growth in the engine segment, as more truck manufacturers upgrade to low-emission, fuel-efficient engines, and sees growth from acquisitions in the distribution segment, with most of the impact coming in H2 of this year.
Mar. 18, 2014, 7:42 AM
- Siemens (SI) has received a €165M ($230M) order from five U.S. states for 32 diesel-electric passenger locomotives that will be powered by engines from Cummins (CMI).
- The deal includes options for an extra 225 locomotives, which could be worth at least $1.5B.
- Siemens' confirmation comes a day after Caterpillar (CAT) said it had filed a complaint about the decision, arguing that various procedures and requirements were ignored in the assessment of the German company's offer.
Feb. 20, 2014, 6:54 PM
- Caterpillar’s (CAT) shares have gained 6.7% YTD, more than double their 2013 gain, and Deutsche Bank's Vishal Shah thinks they can move another 25% higher, rating CAT a Buy with a $122 price target.
- Shah believes investors are overly focused on the decline in CAT's resource industries revenue, which will likely trough earlier than expected in 2014, and are neglecting the significant growth opportunities within the construction segment over the next 3-4 years as well as consistent execution within the power systems segment.
- The firm eyes a recovery in the overall U.S. machinery sector driven by accelerating global GDP growth; it rates Deere (DE), Cummins (CMI) and Terex (TEX) as Buys but rates Joy Global (JOY), Manitowoc (MTW) and Agco (AGCO) as Holds.
Feb. 18, 2014, 12:26 PM
- The Obama administration has asked the EPA and the NHTSA to propose new fuel economy rules for trucks by March of 2015.
- Heavy-duty trucks account for close to 25% of the greenhouse gas emissions in the U.S. from the transportation sector.
- Truck makers such as Cummins (CMI), Navistar (NAV), Oshkosh (OSK), Volvo (VOLVY), and PACCAR (PCAR) are already under general directives issued by the government in 2011 on fuel economy.
Feb. 13, 2014, 2:39 PM
Feb. 11, 2014, 3:01 PM
Feb. 7, 2014, 2:16 PM
- Cummins (CMI +2.2%) climbs for a second straight day as Wells Fargo upgrades the diesel and natural gas engine manufacturer to Outperform from Market Perform and raises its valuation range to $168-$171 from $133-$136.
- The firm cites the likely completion of a multiple-year cycle of guidance cuts, anticipated positive inflection in end-market demand, above-market growth, improved cost structure and management’s 2014 commitment to return $1B to shareholders as reasons for the upgrade.
- Shares began their turnaround yesterday after CMI's earnings call offered solid guidance for 2014 engine markets: heavy-duty truck revenue up 6% and shipments up 5%, with NAFTA Class 8 heavy-duty truck build expected at 236K units; medium-duty truck and bus revenue up 15%, with North America truck shipments up 19%.
Feb. 6, 2014, 8:57 AM
- Cummins (CMI) -2.9% premarket even after posting better than expected Q4 earnings and revenue, but the world's largest engine manufacturer based on sales offered a disappointing outlook.
- CMI expects 2014 revenue to rise 4%-8% Y/Y, but analysts had forecast revenue growth of 11%.
- Q4 North American revenue rose 3%, but was offset by international revenue, which slipped 4% from sales declines in Mexico, India, Australia and Europe.
- In the engine segment, sales gained 2% to $2.56B because of strong demand for construction equipment in international markets and increased demand for medium duty trucks in North America.
- Components sales climbed 21% on higher demand in on-highway markets in North America, Europe and China.
Feb. 6, 2014, 7:32 AM
Feb. 6, 2014, 12:05 AM
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