Cummins rises on upbeat results, forecast raise

Cummins India

01/08/2024 13:51

** Auto and truck parts maker Cummins  CMI.N  shares rise
5.9% to $308.9 premarket
    ** Co reports Q2 revenue of $8.8 bln, above analysts'
estimates of $8.34 bln - LSEG 
    ** On an adjusted basis, the company earned $5.26/shr,
beating estimates of $4.81/shr 
     ** The engine maker also raised its full-year revenue
guidance, expects revenue to be down 3% to flat compared with
prior forecast of down 2% to 5% for 2024
    ** "We achieved record quarterly sales and solid
profitability in the second quarter, led by significant
improvement in our Power Systems business," CEO Jennifer Rumsey
said
    ** YTD, CMI has risen 21.8% vs 8.8% rise in the S&P 500
Machinery index  .SPLRCMAC 

 (Reporting by Abhinav Parmar in Bengaluru)
 ((Abhinav.parmar@thomsonreuters.com))