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Cummins Inc. profit misses consensus by 16.7% in fiscal Q2

Cummins Inc. said its normalized net income for the fiscal second quarter ended July 2 was $2.13 per share, compared with the S&P Capital IQ consensus estimate of $2.56 per share.

EPS rose 5.8% year over year from $2.02.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $358.0 million, an increase of 5.0% from $340.9 million in the prior-year period.

The normalized profit margin dropped to 7.0% from 7.5% in the year-earlier period.

Total revenue grew 12.1% year over year to $5.08 billion from $4.53 billion, and total operating expenses climbed 14.3% year over year to $4.58 billion from $4.01 billion.

Reported net income rose year over year to $424.5 million, or $2.53 per share, from $405.6 million, or $2.40 per share.