Cummins Ends 2017 on a High Note
We maintain our $146 fair value estimate for narrow-moat Cummins after the company’s fourth-quarter earnings release. Cummins ended 2017 on a high note: Fourth-quarter EPS rose 35% from 2016’s fourth quarter to $3.03, surprising consensus by $0.39, or 15%. Cummins’ earnings beat was driven largely by improvements on the top line, as sales across all four business segments rose 22% from the prior year’s quarter to $5.5 billion.Leading Cummins’ revenue growth, the components segment increased sal...
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