Cummins Inc. recently reported a significant increase in its first-quarter earnings compared to last year, outperforming market projections.
The company's net profit for the quarter reached $1.993 billion, or $14.03 per share, a significant increase from last year's first quarter when the bottom line was at $790 million, or $5.55 per share.
Market analysts had anticipated the company to report earnings of around $5.13 per share, according to data gathered by Thomson Reuters. It should be noted that these estimates generally do not include special exceptions.
However, the company reported a slight decline in its quarter revenue by 0.6%, amounting to $8.403 billion from $8.453 billion as recorded in the same period last year.
To provide a brief overview of Cummins Inc. (based on GAAP standards) first quarter earnings:
- The company’s net profit has climbed from $790 million last year to $1.993 billion this year
- Earnings per share have risen from $5.55 last year to $14.03 this year
- There was a slight decline in revenue from $8.453 billion last year to $8.403 billion this year
Furthermore, the company has provided a guidance that there may be a decline in full-year revenue by 2% to 5%.
