=Cummins (CMI) reported 4Q earnings on Thur 4 Feb 2016 (before open)

** charts before earnings **




** charts after earnings **

Cummins misses by $0.08, beats on revs; guides FY16 revs in-line :

• Reports Q4 (Dec) earnings of $2.02 per share, excluding non-recurring items, $0.08 worse than the Capital IQ Consensus of $2.10; revenues fell 6.4% year/year to $4.77 bln vs the $4.67 bln Capital IQ Consensus.
• "As a result of weakening market conditions in the fourth quarter of 2015, the Company reviewed its global manufacturing footprint and now expects to scale back the range of light duty engines it plans to manufacture in North America," said Rich Freeland, President and Chief Operating Officer. "This change in plans, combined with the uncertainty of winning additional customers for the V8 light duty engine, caused the Company to reassess the book value of its light duty manufacturing assets in North America."
• Co issues in-line guidance for FY16, sees FY16 revs declining 5-9% from 2015, which calculates to ~$17.4-18.2 bln vs. $17.84 bln Capital IQ Consensus Estimate.