Cummins Q1 Profit Rises; Lifts FY14 Revenues Growth View - Quick Facts

(RTTNews) - Engine maker Cummins Inc. (CMI) said that its net income attributable to the company for the first quarter of 2014 rose to $338 million or $1.83 per share from $282 million or $1.49 per share in the first quarter of 2013. Analysts polled by Thomson Reuters expected the company to report earnings of $1.67 per share for the quarter. Analysts' estimates typically exclude special items.

First quarter revenue of $4.4 billion increased 12 percent from the same quarter in 2013. The increase year-over-year was driven by stronger demand in on-highway markets and distributor acquisitions in North America. Wall Street expected revenues of $4.18 billion.

Based on the current forecast, the company expects full year 2014 revenues to grow between 6% and 10%, up from its previous forecast of growth of between 4% and 8%, due largely to improving demand in North America. EBIT is expected to be in the range of 12.75 to 13.25 percent of sales. Analysts expect the company to report revenues of $18.60 billion for fiscal 2014.