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Cummins
reported its second quarter earnings on Monday. Shares of the company are down 3.44 percent.
Below are some key highlights and takeaways from its conference call:
• Revenues for the second quarter were $4.8 billion, an increase of 7% compared
to the second quarter of 2013.
• As a result, our full-year guidance
for the engine business is unchanged, with revenues expected to grow between
6% and 8% and EBIT to be in the range of 10.5% million to 11.5% of sales.
• Revenues in the power generation business declined by 9%.
• EBIT of 8.2% declined from 9.3% a year ago due primarily
to lower volumes.
• Revenues in the distribution segment increased 30% in the second quarter, due
primarily to acquisitions in North America.
• We expect to deliver incremental revenues of $500 million from acquisition
this year for the company, up $100 million from our last forecast.
• And we
expect the acquisitions to increase the company's earnings per share by
approximately $0.30, higher than our previous forecast of between $0.20 and
$0.25.
• Our
revenues in North America grew 14% in the second quarter due to strong demand
in on-highway markets.
• Shipments to the North American heavy-duty truck
market exceeded 23,000 units in the second quarter, an increase of 11% from
2013 level.
• Our market share
has improved to 73% for the first half of 2014
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