Cummins Benefits From Continued Strength in the Heavy-Duty Truck and Construction Equipment Markets
Narrow-moat Cummins reported impressive first-quarter EPS of $4.20 that beat consensus of $3.54. Revenue of $6.0 billion was up 7.8% year over year, beating consensus of $5.8 billion. Strong sales of its engines into the North American truck market contributed to this performance. Improved sales to international construction equipment manufacturers, including those in China, were unexpected. Due to improved supply chain operations, management raised EBITDA margin guidance for 2019 from 16.25% to...Cummins is a diesel engine manufacturer. The company's segments include: Engine, which manufactures and markets a range of diesel and natural gas powered engines; Distribution, which is the company's primary sales, service, and support channel; Components, which supplies aftertreatment systems, turbochargers, transmissions, filtration products, electronics and fuel systems for commercial diesel and natural gas applications; Power Systems, which includes power generation, industrial, and generator technologies product lines; and New Power, which designs, manufactures, sells and supports electrified power systems ranging from fully electric to hybrid, along with components and subsystems.
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