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Cummins Inc. profit misses consensus by 16.3% in fiscal Q1

Cummins Inc. its normalized net income for the fiscal first quarter ended March 29 amounted to $1.79 per share, compared with the S&P Capital IQ consensus estimate of $2.15 per share.

EPS increased 12.4% year over year from $1.60.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $324.9 million, an increase of 10.1% from $295.0 million in the year-earlier period.

The normalized profit margin increased to 6.9% from 6.7% in the year-earlier period.

Total revenue rose 6.9% year over year to $4.71 billion from $4.41 billion, and total operating expenses rose 6.2% on an annual basis to $4.23 billion from $3.98 billion.

Reported net income rose 14.6% on an annual basis to $387.3 million, or $2.14 per share, from $338.0 million, or $1.83 per share.