{"id":30916,"date":"2023-05-02T12:04:21","date_gmt":"2023-05-02T12:04:21","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/cummins-raises-full-year-revenue\/"},"modified":"2023-05-02T12:09:27","modified_gmt":"2023-05-02T12:09:27","slug":"cummins-raises-full-year-revenue","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/cummins-raises-full-year-revenue\/","title":{"rendered":"Cummins raises full-year revenue outlook on strong demand for parts"},"content":{"rendered":"<p>(Reuters) &#8211;     U.S. truck engine maker Cummins Inc on Tuesday raised its full-year 2023 revenue forecast, on the back of strong demand for parts across its markets.<\/p>\n<p>Supply chain issues, which led to a fall in production of new trucks, have forced truckers to keep their ageing fleet on roads for longer, which in turn has increased the demand for aftermarket parts and services.<\/p>\n<p>Indiana-based Cummins now expects full-year 2023 revenue to be up 15% to 20% compared with the previous forecast of between 12% and 17%.<\/p>\n<p>&#8220;We are delivering cycle-over-cycle improvement in financial performance despite persistent supply chain constraints,&#8221; said Chief Executive Officer Jennifer Rumsey.<\/p>\n<p>Cummins also raised revenue expectations from its Meritor business, which it acquired last August, to between $4.7 billion and $4.9 billion for 2023, up from the previous forecast of $4.5 billion to $4.7 billion.<\/p>\n<p>The truck engine maker, which manufactures products such as diesel, electric and hybrid powertrains reported a first-quarter net income of $790 million, or $5.55 per share, compared with $418 million, or $2.92 per share, a year earlier.<\/p>\n<p>The company also posted quarterly revenue of $8.45 billion compared with $6.4 billion a year earlier, and above analysts&#8217; expectations of $8.10 billion, according to Refinitiv Data.<\/p>\n<p \/>\n<p> (Reporting by Raechel Thankam Job; Editing by Krishna Chandra Eluri)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/cummins-raises-full-year-revenue\/file-photo-illustration-shows-cummins-logo\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ410G5-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ410G5-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) &#8211; U.S. truck engine maker Cummins Inc on Tuesday raised its full-year 2023 revenue forecast, on the back of strong demand for parts across its markets. Supply chain issues, which led to a fall in production of new trucks, have forced truckers to keep their ageing fleet on roads for longer, which in turn [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":30917,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-30916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ410G5-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/30916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=30916"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/30916\/revisions"}],"predecessor-version":[{"id":30918,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/30916\/revisions\/30918"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/30917"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=30916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=30916"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=30916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}