(By Balachander) Cummins Inc. (NYSE:CMI) reported quarterly earnings that topped market forecasts, and shares of the maker of diesel engines gained 2.79 percent in premarket trading on Tuesday.
The Columbus, Indiana-based company earned $2.45 a share excluding items, up from $2.41 a share in the same period of the previous year and beat Wall Street projections of $2.28 a share.
Net earnings fell 7 percent to $469 million as results for the year-ago quarter were boosted by a gain of $37 million, or 19 cents, on sales of businesses.
Revenue declined 4 percent to $4.45 billion, versus consensus estimate of a 3.6 percent drop.
Total units shipped were 148,800 versus 166,900 in the year-ago period.
Looking ahead for the full year, Cummins currently forecasts revenue to be $18 billion in line with last year.
The stock ended previous session at $90.48. Shares have been trading between $79.53 and $129.51 over the past year.