By Katherine Hamilton
Cummins withdrew its full-year outlook due to economic uncertainty and posted lower earnings and sales for the first quarter.
The engine maker on Monday posted a profit of $824 million, or $5.96 a share, in the quarter ended March 31, compared with $1.99 billion, or $14.03 a share, a year earlier.
Analysts expected $4.85 a share in earnings, according to FactSet. Cummins's prior-year profit was higher because it gained $1.3 billion from the separation of Atmus in that quarter.
Revenue fell 3% to $8.17 billion. Analysts surveyed by FactSet forecast revenue of $8.18 billion. International revenue fell 5% due to lower demand in Latin America and Asia Pacific, Cummins said.
The company said it is not providing an outlook for revenue or profitability for the remainder of the year due to growing economic uncertainty.
"Cummins is in a strong position to navigate through economic uncertainty, and we look forward to reinstating our forecast when conditions allow," Chief Executive Jennifer Rumsey said.
The company said in February it expected full-year revenue to be in the range of a 2% decrease to a 3% increase.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
May 05, 2025 08:00 ET (12:00 GMT)
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