Cummins drops after second-quarter profit misses estimates
CMI•Shares fall after earnings miss
Industrial and automotive engine maker Cummins' CMI.N shares fall 7.4% to $601 premarket.
The company reports second-quarter EPS of $6.73, missing analysts' expectations of $7.23, according to LSEG data.
Broker ratings and stock performance
15 of 23 brokerages rate the stock buy or higher, while eight rate it hold; their median price target is $580, LSEG data show.
Up to the last close, the stock had gained 27% this year.
Demand remains strong despite profit miss
Cummins' profit misses estimates despite strong demand for generators and an improving North American truck market.
