COLUMBUS, Ind. — Cummins Inc. (CMI) has reported first-quarter earnings of $325 million.
The Columbus, Indiana-based company said it had profit of $1.96 per share. Earnings, adjusted for non-recurring costs and pretax expenses, came to $3.30 per share.
The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $2.91 per share.
The engine maker posted revenue of $5.57 billion in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $5.17 billion.
Cummins shares have dropped 9.5 percent since the beginning of the year, while the Standard & Poor’s 500 index has declined 1 percent. The stock has climbed almost 6 percent in the last 12 months.
SOURCE: Automated Insights