Cummins Raises Full Year Outlook

(RTTNews) - Cummins Inc. (CMI) increased its full year 2021 revenue guidance to 20 to 24 percent, an increase from 8 to 12 percent due to stronger demand across all markets. EBITDA is expected to be in the range of 15.5 to 16.0 percent, an increase from the prior range of 15.0 and 15.5 percent of sales. The company expects to return 75 percent of operating cash flow to shareholders in 2021 in the form of dividends and share repurchases.

First quarter net income attributable to Cummins was $603 million or $4.07 per share compared to $511 million or $3.41 per share, prior year. EBITDA were $980 million (16.1 percent of sales), compared to $846 million (16.9 percent of sales) a year ago. Revenues were $6.1 billion, up 22 percent from last year.