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- Cummins Inc. (NYSE:CMI) reported third-quarter sales growth of 16.6% year-over-year to $5.97 billion, beating the consensus of $5.87 billion.
- Sales in North America increased 13% Y/Y while international revenues increased 22% Y/Y, driven by solid demand across all global markets outside China.
- Sales by segments: Engine $2.6 billion (+22% Y/Y), Distribution $2 billion (+14% Y/Y), Components $1.8 billion (+16% Y/Y), Power Systems $1.2 billion (+19% Y/Y), and New Power $23 million (+28% Y/Y).
- EPS improved to $3.69 compared to $3.36 in 3Q20, missing the consensus of $3.91.
- The gross margin contracted by 266 bps to 23.7%, operating income was $666 million (-0.6% Y/Y), and the margin contracted by 193 bps to 11.2%.
- Cummins generated a year-to-date operating cash flow of $569 million, compared to $1.22 billion a year ago.
- EBITDA was $862 million compared to $876 million in 3Q20, and the margin contracted by 267 bps to 14.4%.
- The company recently increased its quarterly dividend from $1.35 to $1.45 a share.
- FY21 Outlook: Cummins lowered its revenue guidance to be up ~20% versus last year (prior view 20% - 24% growth). The company cut its EBITDA margin outlook to ~15% (previous view 15.5% - 16%), citing ongoing supply chain challenges.
- Price Action: CMI shares are trading lower by 1.51% at $241.6 on the last check Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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