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Cummins (CMI) Advances After 4Q Beats Expectations, Shipments Down

 February 06, 2013 07:48 AM
 


(By Balachander) Cummins Inc. (NYSE: CMI) reported lower quarterly earnings and revenue that topped market forecasts, and shares of the maker of diesel engines gained 1.37 percent in premarket trading on Wednesday.

Cummins cited the revenue fall to weaker demand in truck, construction, and oil and gas markets in North America as well as lower demand in international markets for power generation equipment and construction, truck and mining engines.

The Columbus, Indiana-based company earned $2.00 a share excluding items, down from $2.56 a share in the same period of the previous year and beat Wall Street projections of $1.75 a share.

[Related -Russia Upsets The Potash Cart]

Net earnings attributable to Cummins fell 30.5 percent to $381 million for the fourth quarter.

Revenue declined 13 percent to $4.29 billion, yet came in better than consensus estimate of a drop of 17.8 percent.

Total units shipped were 136,500 versus 178,800 in the fourth quarter of 2011.

For the full year 2013, Cummins forecasts revenue to to be flat to down 5 percent.

The stock ended previous session at $117.39. Shares have been trading between $82.20 and $129.51 over the past year.

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