Cummins (CMI) reported quarterly earnings results on Tuesday, Aug-2-2016. The company said it had a profit of $2.40 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.22. Analysts had a consensus of $2.18. The company posted revenue of $4528.00 million in the period, compared to analysts expectations of $4498.39 million. The company’s revenue was down -9.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.62 EPS.
Many Wall Street Analysts have commented on Cummins. Cummins was Downgraded by Standpoint Research to ” Hold” on Jul 14, 2016.
Cummins opened for trading at $122 and hit $122.97 on the upside on Friday, eventually ending the session at $122.77, with a gain of 0.50% or 0.61 points. The heightened volatility saw the trading volume jump to 16,88,139 shares. Company has a market cap of $20,915 M.
Investors should note that on Jul 12, 2016, Cummins announced a cash dividend of $0.9750. The company’s management has announced Aug 18, 2016 as the ex-dividend date and fixed the record date on Aug 22, 2016. The payable date has been fixed on Sep 1, 2016.
In a different news, on Jul 27, 2016, Pat Ward (VP – Chief Financial Officer) sold 5,000 shares at $122.50 per share price. According to the SEC, on Jul 27, 2016, Jill E Cook (Chief Human Resources Officer) sold 5,981 shares at $120.20 per share price. On Jun 6, 2016, Marya M Rose (V.P. – CAO) sold 848 shares at $112.11 per share price, according to the Form-4 filing with the securities and exchange commission.
Cummins Inc. is a global diesel engine manufacturer. The Company designs manufactures distributes and services diesel and natural gas engines and engine-related component products including filtration after treatment turbochargers fuel systems controls systems air handling systems and electric power generation systems. It has four operating segments: Engine Distribution Components and Power Generation. The Company sells its products to original equipment manufacturers (OEMs) distributors and other customers. It serves its customers through a network of around 600 Company-owned and independent distributor locations and around 7200 dealer locations in more than 190 countries. In addition engines and engine components are manufactured by the Company’s joint ventures or independent licensees at its manufacturing plants in the United States China India South Korea Mexico and Sweden. Its subsidiaries include Cummins India Ltd. and Wuxi Cummins Turbo Technologies Co. Ltd.