Cummins Inc. (NYSE:CMI) reported first-quarter revenue of $8.398 billion on Tuesday, rising 3% year-over-year and beating analyst estimates of $8.352 billion, as steady demand supported top-line growth.
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Adjusted EPS came in at $6.15, exceeding estimates of $5.59 and excluding $1.44 per share of charges related to the sale of its low-pressure fuel cell business.
Shares were trading higher following the results. GAAP net income was $654 million, or $4.71 per diluted share, down from $5.96 a year earlier.
Profitability and Regional Trends
EBITDA was $1.3 billion, or 15.4% of sales, compared with 17.9% a year ago, reflecting $199 million in charges tied to the fuel cell business exit.
North America sales declined 6%, while international revenue rose 16%, driven primarily by stronger demand in China.
Segment Performance
Engine sales fell 4% to $2.7 billion, …