Cummins Lifts 2024 Profit Outlook After Q3 Beat

Cummins Inc (NYSE:CMI) shares surged after the company reported better-than-expected third-quarter 2024 results and reaffirmed its 2024 revenue guidance.

CMI reported third-quarter sales grew slightly by 0.30% year over year to $8.546 billion, beating the consensus of $8.294 billion.

The Columbus, Indiana-based company stated that sales in North America decreased by 1% year over year, and international revenues increased by 2%.

EPS for the quarter stood at $5.86 compared to $4.59 a year ago, beating the consensus of $4.78.

Sales by segments:

Components $2.7 billion (-16% YoY)

Engine $2.9 billion (-1% YoY)

Distribution $3.0 billion (+16% YoY)

Power Systems $1.7 billion (+17% YoY)

Accelera $110 million (+7% YoY).

Gross profit increased 4.8% year over year to $2.171 billion, and the margin expanded slightly by 111 bps to 25.7%.

CMI reported an operating income ...