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Cummins cuts forecast due to weak overseas demand, strong dollar

Feb. 05, 2015 9:16 AM ETCummins Inc. (CMI) StockCMIBy: Carl Surran, SA News Editor3 Comments
  • Cummins (NYSE:CMI) -3.6% premarket after Q4 results edged Wall Street estimates, but the diesel engine maker cut its FY 2015 revenue forecast, citing weak demand in international markets and a strong dollar.
  • CMI, which gets more than half its revenue from outside the U.S., now sees full-year revenue growth of 2%-4%, which equates to $19.6B-$20B and below its earlier outlook for $20B-$23B; analysts had been eyeing $20.9B in revenues on 9% growth.
  • The weak forecast overshadows an 11.2% Y/Y gain in Q4 revenue to $5.1B, driven by strong demand for the company's truck engines in North America; revenues for the full year totaled a record $19.2B, up 11% Y/Y, on improving demand in on-highway markets in North America.
  • Says it is maintaining its commitment to return half of operating cash flow to shareholders in 2015.

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