By Will Feuer
Cummins’s sales jumped 32% in the first quarter as demand held up and results were lifted by contributions from its Meritor business, which it bought last year.
The Columbus, Ind.-based power systems company posted a first-quarter profit of $790 million, or $5.55 a share, compared with $418 million, or $2.92 a share, in the same period a year earlier. The year-ago results included a $1.03-per-share charge tied to the suspension of operations in Russia.
Analysts surveyed by FactSet had expected earnings of $4.72 a share.
Sales rose to $8.45 billion from $6.39 billion. Analysts surveyed by FactSet were expecting sales of $8.10 billion.
“We are delivering cycle-over-cycle improvement in financial performance despite persistent supply-chain constraints,” Chief Executive Jennifer Rumsey said.
Sales in the components segment rose 79% to $3.6 billion, lifted by the acquisition of Meritor last year, while engine sales rose 8% to $3.0 billion. The distribution unit posted sales of $2.4 billion, up 14%, while revenue climbed 16% to $1.3 billion in the power-systems unit.
Write to Will Feuer at [email protected]
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