Cummins Shares Slip On Missing Q2 Profit Estimates, Warning On Slow Economic Momentum
Portfolio Pulse from Akanksha Bakshi
Cummins Inc reported Q2 FY23 sales growth of 31.2% YoY to $8.64 billion, beating consensus estimates. However, its adjusted EPS of $5.18 missed the consensus of $5.19. The company also warned of potential slow economic momentum. Despite this, Cummins reaffirmed its FY23 outlook, expecting revenue growth of 15%-20%. Following the announcement, CMI shares fell by 9.08%.
August 04, 2023 | 1:45 pm
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Cummins' Q2 FY23 sales beat estimates but its EPS missed, and the company warned of potential slow economic momentum. CMI shares fell by 9.08% following the announcement.
Cummins' Q2 sales beat estimates, which is a positive signal. However, the company's EPS missed estimates and it warned of potential slow economic momentum, which are negative signals. These factors likely contributed to the fall in CMI shares.
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IMPORTANCE 80
RELEVANCE 100