Cummins (NYSE: CMI) reported earnings on May 1. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended April 1 (Q1), Cummins beat slightly on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue increased significantly and GAAP earnings per share improved significantly.

Margins grew across the board.

Revenue details
 Cummins reported revenue of $4.47 billion. The 13 analysts polled by S&P Capital IQ predicted net sales of $4.40 billion on the same basis. GAAP reported sales were 16% higher than the prior-year quarter's $3.86 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 EPS came in at $2.38. The 18 earnings estimates compiled by S&P Capital IQ anticipated $2.20 per share. GAAP EPS of $2.38 for Q1 were 36% higher than the prior-year quarter's $1.75 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
 For the quarter, gross margin was 26.8%, 200 basis points better than the prior-year quarter. Operating margin was 12.2%, 80 basis points better than the prior-year quarter. Net margin was 10.2%, 130 basis points better than the prior-year quarter.

Looking ahead
 Next quarter's average estimate for revenue is $5.14 billion. On the bottom line, the average EPS estimate is $2.68.

Next year's average estimate for revenue is $20.09 billion. The average EPS estimate is $10.36.

Investor sentiment

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Cummins is outperform, with an average price target of $130.73.