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Cummins Inc. Bottom Line Advances In Q2, Beats Estimates; Maintains FY22 View - Update

(Adds Outlook)

Cummins Inc. (CMI) announced a profit for its second quarter that increased from last year and beat the Street estimates.

The company's earnings came in at $702 million, or $4.94 per share. This compares with $600 million, or $4.10 per share, in last year's second quarter.

Analysts on average had expected the company to earn $4.35 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 7.9% to $6.59 billion from $6.11 billion last year.

Outlook

Cummins maintained its full year 2022 guidance.

The company continues to expect revenue to be up 8 percent and EBITDA of approximately 15.5 percent.

President and CEO Jennifer Rumsey said, "Demand for Cummins' products and services remains strong, and as a result we have maintained our projection for full year revenues and profitability from three months ago. We continue to monitor economic conditions closely and will adjust our operating plans should the outlook for our core markets weaken."

Cummins Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $702 Mln. vs. $600 Mln. last year.
-EPS (Q2): $4.94 vs. $4.10 last year.
-Analyst Estimate: $4.35
-Revenue (Q2): $6.59 Bln vs. $6.11 Bln last year.

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