May 5 (Reuters) - Cummins withdrew its annual
forecast on Monday, joining other vehicle manufacturers that are
reassessing expectations as the industry grapples with the
mounting uncertainty generated by U.S. President Donald Trump's
sweeping import tariffs.
The U.S. truck-engine maker had previously projected 2025
revenue growth ranging from a 2% decrease to a 3% increase, with
core profit expected to comprise 16.2% to 17.2% of sales.
"Due to growing economic uncertainty, the company is not
providing an outlook for revenue or profitability for the
remainder of 2025" Cummins said in its earnings release.
The North American trucking market, already dealing with an
oversupply of equipment, is now confronted with new challenges
arising due to the erratic import tariffs.
General Motors ( GM ) pulled its annual forecast earlier
this month, days after pausing plans to buy back $2 billion of
shares in the first half of the year.
For the quarter ended March 31, Cummins reported net income
of $824 million, or $5.96 per share compared to $2 billion, or
$14.03 apiece last year.
Quarterly profit came in lower as it included a $9.08 per
share charge related to the split-off its remaining interest in
Atmus Filtration Technologies ( ATMU ) and restructuring
expenses of 15 cents per share.
Net sales for the first quarter came in at $8.17 billion,
slightly below the estimates of $8.19 billion, according to data
compiled by LSEG.
Shares of the company fell 1.5% in premarket trading.