Our biggest winner was Cummins ( NYSE:CMI ), the diesel-engine manufacturer, which boosted the Fund's return by -…… basis points, as its stock rose -4.9% from $88.…- to $-…9.94. Investors breathed a sigh of relief after the company's earnings guidance for -…-6 was not as disappointing as many expected. While the outlook for machinery and truck demand in -…-6 is weak, the management team is executing on its restructuring and cost-cutting initiatives to weather the current cyclical downturn. The company also intends to return more cash to shareholders than in previous years through stock repurchases and dividends.
From the Parnassus Fund first quarter -…-6 shareholder letter .
About GuruFocus: GuruFocus.com tracks the stocks picks and portfolio holdings of the world's best investors. This value investing site offers stock screeners and valuation tools. And publishes daily articles tracking the latest moves of the world's best investors. GuruFocus also provides promising stock ideas in 3 monthly newsletters sent to Premium Members .
This article first appeared on GuruFocus .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.