NEW YORK – Engine maker Cummins Inc (NYSE:) reported better-than-expected third quarter outcomes on Tuesday, as robust demand in its energy techniques and distribution companies offset softness within the North American heavy-duty truck market.
The corporate maintained its full-year income steerage however raised its profitability outlook.
The corporate’s shares edged up 1% in premarket buying and selling following the earnings launch.
Cummins posted Q3 adjusted earnings per share of $5.86, handily beating analyst estimates of $4.82. Income got here in at $8.5 billion, topping expectations of $8.29 billion and flat in comparison with the identical quarter final 12 months.
“We achieved robust gross sales and profitability within the third quarter, led by enchancment in our Energy Methods and Distribution companies,” stated Jennifer Rumsey, Chair and CEO of Cummins.
The corporate maintained its full-year 2024 income steerage of down 3% to flat in comparison with 2023. Nevertheless, Cummins now expects full-year EBITDA to be roughly 15.5% of gross sales, on the high finish of its earlier 15.0% to fifteen.5% steerage vary.
Cummins famous slowing demand within the North American heavy-duty truck market throughout Q3, which it expects to persist into This autumn. Nevertheless, this was offset by power in international medium-duty truck markets and elevated demand for energy technology merchandise, significantly for information heart purposes.
“Though we confronted slowing demand within the North American heavy-duty truck market through the third quarter and anticipate this pattern to persist into the fourth quarter, Cummins stays well-positioned to ship robust monetary efficiency,” Rumsey added.
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