: Cummins stock turns higher after profit declines, while revenue rises above forecasts #FinanceUSA #StockMarketNEWS Shares of Cummins Inc. rose 1.1% in premarket trading Tuesday, reversing an earlier

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Cummins stock turns higher after profit declines, while revenue rises above forecasts #FinanceUSA #StockMarketNEWS
Shares of Cummins Inc. rose 1.1% in premarket trading Tuesday, reversing an earlier loss, after the diesel and natural gas engines and new power company reported first-quarter profit that fell, weighed by costs associated with the suspension of its Russia operations, but revenue that rose above forecasts and raised its full-year outlook. Net income declined to 8 million, or .92 a share, from 3 million, or .07 a share, in the year-ago period. The results include costs of .03 a share related to the suspension of Russia operations and 9 cents a share related to the separation of the filtration business. The FactSet consensus for earnings per share was .55. Sales grew 4.8% to .39 billion, beating the FactSet consensus of .02 billion. Among Cummins' business segments, engine, distribution, components and power systems beat expectations while new power missed. Gross margin slipped to 24.0% from 24.4%. For 2022, the company raised its revenue growth guidance to 8% from 6%, while the FactSet sales consensus of .52 billion implies 6.2% growth. The stock has dropped 14.2% over the past three months through Monday, while the S&P 500 has slipped 7.2%.

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