Cummins Explores Alternative Powertrain Technologies but Maintains Focus on Diesel
We maintain our $159 fair value estimate after narrow-moat Cummins reported mixed results for fourth-quarter 2018. It delivered record revenue of $6.1 billion that was 12% higher than the same quarter last year, roughly in line with consensus. Yet, GAAP EPS of $3.63 missed consensus by $0.16. Much of the revenue growth was attributed to robust truck production. The earnings miss was due in part to one-time costs associated with closure of an electronic logging device startup. Management provided...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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