Cummins revenue misses estimates as truck demand stays on slow lane [Reuters]
Cummins Inc. (CMI)
Last cummins inc. earnings: 4/28 07:30 am
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Source: Reuters
By Reuters May 2(Reuters) - U.S. truck engine maker Cummins Inc missed Wall Street estimates for first-quarter sales on Thursday, dragged down by waning demand in China and weak freight activity. The company has struggled with a slow recovery in freight activity from a post-pandemic slump and sluggish demand in key regions such as China and Europe. "We do still expect slowing demand in some of our key markets in the second half of the year" CEO Jennifer Rumsey said in a statement. Shares of the company were down 2% in morning trading. The Indiana- based company reported first-quarter revenue of $8.40 billion, missing analysts' estimates of about $8.50 billion. Net income for the three months ended March 31 rose to about $2.0 billion, or $14.03 per diluted share, from $790 million, or $5.55 per diluted share, in 2023, aided by gains from completing the separation of its filtration business Atmus. The company maintained its forecast of 2% to 5% decline in 2024 revenue.
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- Cummins Raises Long-Term Financial TargetsBusiness Wire
- Cummins Inc. (NYSE: CMI) had its "hold" rating re-affirmed by analysts at Truist Financial Co.. They now have a $319.00 price target on the stock.MarketBeat
- Cummins Inc. Investor Alert Reminder (NYSE: CMI): Schubert Jonckheer & Kolbe LLP Investigating Potential Claims Against the Company's Officers and Directors Following $1.675 Billion Civil PenaltyPR Newswire
CMI
Earnings
- 5/2/24 - Beat
CMI
Sec Filings
- 5/16/24 - Form 4
- 5/16/24 - Form 4
- 5/16/24 - Form 4
- CMI's page on the SEC website