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 steering 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 yr.
“We achieved strong sales and profitability in the third quarter, led by improvement in our Power Systems and Distribution businesses,” mentioned Jennifer Rumsey, Chair and CEO of Cummins.
The corporate maintained its full-year 2024 income steering of down 3% to flat in comparison with 2023. Nonetheless, Cummins now expects full-year EBITDA to be roughly 15.5% of gross sales, on the prime finish of its earlier 15.0% to fifteen.5% steering vary.
Cummins famous slowing demand within the North American heavy-duty truck market throughout Q3, which it expects to persist into This fall. Nonetheless, this was offset by power in international medium-duty truck markets and elevated demand for energy technology merchandise, notably for knowledge heart functions.
“Although we faced slowing demand in the North American heavy-duty truck market during the third quarter and anticipate this trend to persist into the fourth quarter, Cummins remains well-positioned to deliver strong financial performance,” Rumsey added.
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