Cummins Q2 Profit Easily Beats View; Shares Rise (CMI)

Diesel engines maker Cummins Inc. (CMI) on Tuesday release solid second quarter earnings results, topping Wall Street estimates and sending its shares higher in premarket trading.

The Columbus, IN-based company reported second quarter net income of $469 million, or $2.47 per share, compared with $505 million, or $2.60 per share, in the year-ago period. Excluding special items, adjusted profit was $2.45 per share.

Revenue fell 4.1% from last year to $4.45 billion.

On average, Wall Street analysts expected a smaller profit of $2.28 per share, on matching revenue of $4.45 billion.

Cummins shares rose $3.27, or +3.6%, in premarket trading Tuesday.

The Bottom Line
Shares of Cummins Inc. (CMI) have a 2.21% dividend yield, based on last night’s closing stock price of $90.48. The stock has technical support in the $83-$85 price area. If the shares can firm up, we see overhead resistance around the $95-$100 price levels.

Cummins Inc. (CMI) is not recommended at this time, holding a DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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