Cummins Q2 2020 Earnings Report
Key Takeaways
Cummins Inc. reported a 38% decrease in second quarter revenues to $3.9 billion compared to the same quarter in 2019. Net income attributable to Cummins was $276 million ($1.86 per diluted share), compared to $675 million ($4.27 per diluted share) in 2019.
Second quarter revenues were $3.9 billion; GAAP Net Income was $276 million.
Second quarter EBITDA was 14.3 percent; Diluted EPS was $1.86.
The company ended the quarter with cash, cash equivalents and marketable securities of $2.1 billion and committed borrowing capacity of $3.5 billion.
The company’s long-term credit ratings remained unchanged at A+ from Standard & Poor’s and A2 from Moody’s with stable outlooks
Cummins
Cummins
Cummins Revenue by Segment
Forward Guidance
The company currently expects third quarter revenues to improve from second quarter levels, however, there remains significant uncertainty around how COVID-19 will impact end market demand as well as customer and supplier operations. Due to this uncertainty the company is not providing full year revenue or profitability guidance for 2020.
Revenue & Expenses
Visualization of income flow from segment revenue to net income