Cummins Q4 Profit Increases - Quick Facts

(RTTNews) - Cummins, Inc. (CMI) reported fourth-quarter net income attributable to the company of $432 million or $2.32 per share, higher than $369 million or $1.95 per share in the year-ago quarter.

Excluding a one-time tax item, adjusted net income for the quarter was $362 million or $1.94 per share, compared to $365 million or $1.93 per share in the year-ago quarter.

On average, 24 analysts polled by Thomson Reuters expected the company to report earnings of $1.98 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter increased seven percent to $4.58 billion from $4.29 billion in the same quarter last year. Analysts expected revenue of $4.21 billion for the quarter.

Looking ahead to fiscal 2014, Cummins expects revenues to grow 4 to 8 percent from last year and EBIT to be in the range of 12.75 to 13.25 percent of sales. The company also said earnings are projected to grow faster than revenues and expect to return to shareholders an amount of at least 50 percent of cash from operations in 2014.

Street is currently looking for full-year 2014 earnings of $9.23 per share on annual revenue growth of 10.6 percent to $18.71 billion.