Shares of Cummins Inc. CMI tacked on 0.4% in premarket trading Monday, after the engines and powertrains maker reported fourth-quarter sales that rose above expectations and provided an upbeat outlook. Net income jumped to $631 million, or $4.43 a share, from $394 million, or $2.73 a share, in the year-ago period. Excluding the Meritor business, which was acquired in August 2022, earnings per share came to $4.52. The results also included 11 cents per share in costs related to the separation of the filtration business. The FactSet EPS consensus was $4.52. Sales grew 32.8% to $7.77 billion, well above the FactSet consensus of $7.29 billion. The company expects 2023 revenue to be up 12% to 17% from 2022, while the current FactSet revenue consensus of $30.56 billion implies 8.9% growth. The stock has gained 7.4% over the past three months through Friday, while the S&P 500 SPX has advanced 9.7%.
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