UPDATED:
10/25/2011 9:15:00 AM
Write a Letter to the Editor
Print This
Cummins Inc. said Tuesday its third-quarter profit rose 60% from a year ago, but the engine maker trimmed its full-year revenue outlook due to “uncertainty around the macro-economic environment.�
Third-quarter net income climbed to $452 million, or $2.35 a share, from $283 million, or $1.44, a year ago. Sales for the quarter ended Sept. 25 rose 36% to $4.6 billion.
Cummins said it has lowered its full-year sales forecast to $17.5-18 billion. The company had previously projected $18 billion, Reuters reported.
In a statement, President and Chief Operating Officer Tom Linebarger said “government actions to reduce inflation in India and China resulted in softer near-term demand than we previously expected.�
“This, along with the recent strengthening of the US Dollar, has caused us to slightly soften full year revenue guidance to a range of $17.5 to $18 billion, which would represent an increase of over $4 billion or over 30 percent compared to 2010,� Linebarger said in the statement.
All company segments produced double-digit growth over the prior year, Cummins said.
Engine sales jumped 43% to $2.96 billion, driven by on-highway markets in North America and Latin America and strong worldwide oil and gas, mining and construction activity. Engine EBIT was $349 million, or 11.8% of sales, Cummins said.
Its components segment, driven by higher demand in on-highway markets in the US and Europe, grew 32% to $1.02 billion. Components segment EBIT was $113 million, or 11.1% of sales.
Follow Transport Topics on RSS Twitter Facebook
Print This
© 2011, Transport Topics Publishing Group. All rights reserved.
RELATED ARTICLES
Letters: Highway Terrorists, Broker Bond Issues (10/24/2011 8:00:00 AM)
ATA, TCA Forge United Front On Increasing Truck Weights (10/24/2011 3:30:00 AM)
Trucking Is Doing Better Than U.S. Economy; Double-Dip Recession Unlikely, Experts Say (10/24/2011 1:30:00 AM)
Philadelphia Manufacturing Index Rises (10/20/2011 10:10:00 AM)
Economy Shows Mixed Activity, Fed Says (10/19/2011 3:30:00 PM)
Industrial Production Rises for Fifth Month (10/17/2011 11:30:00 AM)