Cummin's Sales Growth Continues in 2Q
We maintain our fair value estimate for Cummins and narrow-moat rating following the company's second-quarter report. Despite EBIT margins declining 84 basis points year over year to 12.2% because of higher warranty cost, sales exceeded consensus expectations by increasing 12.2% thanks to stronger demand for trucks and construction equipment in North America. In response, management increased its 2017 full-year revenue growth expectation from 4%-7% to 9%-10%, while maintaining its EBIT margin fo...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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