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Cummins takes $100M hit from supply chain inflation; more of the same ahead

Earnings 667 Industrials - Capital Goods 559 Mexico 839 Quote Watch 438 U.S. 5197

Cummins reported Q2’21 revenues which rose by 58.6% year over year thanks to a post-pandemic recovery in sales in North America. The firm’s supply chain activity recovered on a year over year basis though U.S. imports in Q2’21 were still 4.6% lower than the same period of 2019. The firm has cited “global supply chain tightness” as a challenge which has resulted in “$100 million of additional freight, labor and logistics costs” during the quarter. Cummins’ CFO, Mark Smith, expects those costs “to remain elevated” in the second half of the year while COO Jennifer Rumsey is “looking at pric...

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