Cummins Inc. (NYSE:CMI) reported Q1 EPS of $0.26 cents, ex-items, beating consensus estimates of $0.23 cents. Revenues for the quarter fell 29.7% year-over-year to $2.44 billion, missing consensus estimates of $2.65 billion. The company expects 2009 sales to be slightly more than 30% lower than 2008, with EBIT of 5% of sales. Chaiman and CEO Tim Solso commented, "We are confident that those actions, which will continue as necessary, will allow us to earn a reasonable profit in 2009, generate positive cash flow and enable us to continue to invest in the products and technologies vital to our future success."

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