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Cummins Inc. fiscal Q1 profit climbs 18.6% YOY

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Cummins Inc. fiscal Q1 profit climbs 18.6% YOY

Cummins Inc. said its normalized net income for the fiscal first quarter ended April 2 amounted to $1.99 per share, compared with the S&P Capital IQ consensus estimate of $1.80 per share.

EPS increased 21.4% year over year from $1.64.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $334.1 million, an increase of 18.6% from $281.8 million in the year-earlier period.

The normalized profit margin rose to 7.3% from 6.6% in the year-earlier period.

Total revenue climbed 6.9% year over year to $4.59 billion from $4.29 billion, and total operating expenses grew 6.7% on an annual basis to $4.15 billion from $3.89 billion.

Reported net income grew 23.3% year over year to $396.5 million, or $2.36 per share, from $321.6 million, or $1.87 per share.