Cummins Inc. (NYSE:CMI) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1%.
Cummins Inc. Earnings Cheat Sheet
Results: Net income decreased -30.47% to $381 million ($2 per diluted share) in the quarter versus a net gain of $548 million in the year-earlier quarter.
Revenue: Decreased 12.82% to $4.29 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Cummins Inc. reported adjusted net income of $2 per share. By that measure, the company beat the mean analyst estimate of $1.75. It beat the average revenue estimate of $4.04 billion.
Quoting Management:“We were able to deliver improved gross margins in the fourth quarter and record gross margins for the full year despite the weakness in demand,” said Chairman and CEO Tom Linebarger. “The work we have undertaken to reduce costs and lower inventory should benefit the company when the global economy improves, however there is uncertainty surrounding the timing and pace of improvement in end markets in 2013.”
Key Stats (on next page)…