For the quarter ended June 2023, Cummins (CMI - Free Report) reported revenue of $8.64 billion, up 31.2% over the same period last year. EPS came in at $5.18, compared to $4.77 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $8.24 billion, representing a surprise of +4.80%. The company delivered an EPS surprise of -0.19%, with the consensus EPS estimate being $5.19.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Cummins performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Net sales- Components: $3.43 billion versus the six-analyst average estimate of $3.30 billion. The reported number represents a year-over-year change of +75.6%.
- Net sales- Power System: $1.46 billion versus $1.34 billion estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +21.1% change.
- Net sales- Distribution: $2.60 billion versus the six-analyst average estimate of $2.43 billion. The reported number represents a year-over-year change of +15.2%.
- Net sales- Eliminations: -$1.91 billion versus -$1.88 billion estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +16.8% change.
- Net sales- Engine: $2.99 billion compared to the $2.98 billion average estimate based on six analysts. The reported number represents a change of +7.7% year over year.
- Net sales- Accelera: $85 million compared to the $87.37 million average estimate based on six analysts.
- Net sales- Engine- Light-duty Automotive: $445 million compared to the $466.06 million average estimate based on four analysts. The reported number represents a change of -2.4% year over year.
- Net sales- Engine- Medium-duty Truck and Bus: $942 million versus the four-analyst average estimate of $927.45 million. The reported number represents a year-over-year change of +7.7%.
- Net sales- Engine- Off-highway: $484 million compared to the $478.77 million average estimate based on four analysts. The reported number represents a change of +9.3% year over year.
- Net sales- Engine- Heavy-duty Truck: $1.12 billion versus $1.07 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +11.6% change.
- Net sales- Components- Engine Components: $557 million compared to the $598.42 million average estimate based on two analysts.
- Net sales- Components- Software and Electronics: $59 million versus $56.77 million estimated by two analysts on average.
View all Key Company Metrics for Cummins here>>>Shares of Cummins have returned +7.8% over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
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With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
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For the quarter ended June 2023, Cummins (CMI - Free Report) reported revenue of $8.64 billion, up 31.2% over the same period last year. EPS came in at $5.18, compared to $4.77 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $8.24 billion, representing a surprise of +4.80%. The company delivered an EPS surprise of -0.19%, with the consensus EPS estimate being $5.19.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Cummins performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Net sales- Components: $3.43 billion versus the six-analyst average estimate of $3.30 billion. The reported number represents a year-over-year change of +75.6%.
- Net sales- Power System: $1.46 billion versus $1.34 billion estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +21.1% change.
- Net sales- Distribution: $2.60 billion versus the six-analyst average estimate of $2.43 billion. The reported number represents a year-over-year change of +15.2%.
- Net sales- Eliminations: -$1.91 billion versus -$1.88 billion estimated by six analysts on average. Compared to the year-ago quarter, this number represents a +16.8% change.
- Net sales- Engine: $2.99 billion compared to the $2.98 billion average estimate based on six analysts. The reported number represents a change of +7.7% year over year.
- Net sales- Accelera: $85 million compared to the $87.37 million average estimate based on six analysts.
- Net sales- Engine- Light-duty Automotive: $445 million compared to the $466.06 million average estimate based on four analysts. The reported number represents a change of -2.4% year over year.
- Net sales- Engine- Medium-duty Truck and Bus: $942 million versus the four-analyst average estimate of $927.45 million. The reported number represents a year-over-year change of +7.7%.
- Net sales- Engine- Off-highway: $484 million compared to the $478.77 million average estimate based on four analysts. The reported number represents a change of +9.3% year over year.
- Net sales- Engine- Heavy-duty Truck: $1.12 billion versus $1.07 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +11.6% change.
- Net sales- Components- Engine Components: $557 million compared to the $598.42 million average estimate based on two analysts.
- Net sales- Components- Software and Electronics: $59 million versus $56.77 million estimated by two analysts on average.
View all Key Company Metrics for Cummins here>>>Shares of Cummins have returned +7.8% over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
See This Stock Now for Free >>
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