While the stock has been meandering in 2011, Cummins (CMI) remains one of the most impressive multinational industrials from a performance perspective. The stock has been getting hit each time the market thinks a global slowdown is coming but then recovers to keep 'truckin' along.
This morning the company demolished analysts expectations with a 41 cent beat . As noted the past few years, this is a 'simple' way to play emerging markets with a U.S. company, as Cummins is amongst a group of U.S. companies which derive roughly 2/3rds of revenue overseas.
Cummins beats by $0.41, beats on revs; increased sales and EBIT forecast for 2011 (CMI) 106.66 : Reports Q2 (Jun) earnings of $2.41 per share, excluding items, $0.41 better than the Capital IQ Consensus Estimate of $2.00; revenues rose 20.2% year/year to $4.64 bln vs the $4.26 bln consensus. Co rasies guidance for FY11, sees FY11 revs of ~$18 bln vs. $17.34 bln.
Cummins Inc., a global power leader, is a corporation of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Headquartered in Columbus, Indiana, (USA) Cummins employs approximately 40,000 people worldwide and serves customers in approximately 190 countries.