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 Dividend.com DARS™ Rating of 3.3 out of 5 stars.