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Cummins (CMI) Profit Expected to Slip

Author : Date : 2013-7-27 9:30:18

In spite of an expected dip in profit, most analysts are positive aboutCummins CMI -0.6% before it reports its second quarter earnings on Tuesday, July 30, 2013.

Analysts are projecting Cummins to come in with earnings of $1.97 per share, down 20% from a year ago when it reported earnings of $2.45 per share.

Over the past three months, the consensus estimate has fallen from $2.15. For the fiscal year, analysts are expecting earnings of $7.85 per share. Analysts look for revenue to decrease 4% year-over-year to $4.27 billion for the quarter, after being $4.45 billion a year ago. For the year, revenue is projected to come in at $16.99 billion.

The last four quarters have seen revenue declines for the company. Revenue fell 12% to $3.92 billion in the first quarter. The figure fell 13% in the fourth quarter from the year earlier, dropped 11% in the third quarter from the year-ago quarter and 4% in the second quarter.

The company has seen steady earnings for the last eight quarters, but income has been sliding year-over-year by an average of 25% over the last four quarters. The company weathered a blow in the most recent quarter when net income dropped 40%, marking the hardest-hit quarter.

The majority of analysts (64%) rate Cummins as a buy. This compares favorably to the analyst ratings of its nearest nine competitors, which average 52% buys.

Competitors in the capital goods sector include: Briggs & Stratton, China Yuchai International and Regal-Beloit.

Earnings estimates provided by Zacks.

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