COLUMBUS, Ind. — Cummins Inc. reported reported today results third-quarter revenues of $5.3 billion, which represent a 26-percent increase from the same period last year.
Revenues in North America increased 25 percent due to higher demand in truck, oil and gas and construction markets. International sales grew 28 percent primarily due to strong truck and construction demand in China, sales of new products in India, and increased demand from global mining customers, according to a news release.
Net income attributable to Cummins was $453 million, or $2.71 per diluted share, compared to $289 million, or $1.72 per diluted share in the third quarter last year.
Earnings before interest and taxes (EBIT) was $640 million, or 12.1% of sales, an increase from $398 million, or 9.5% of sales, a year ago.
Based on its current forecast, Cummins expects full-year 2017 revenues to grow 14 to 15 percent, an increase from the company’s previous projection of 9 to 11 percent growth.
“Cummins experienced positive momentum in demand in a number of important markets, resulting in strong sales growth in the third quarter,” Cummins Chairman and CEO Tom Linebarger said in a news release. “Earnings improved over the year-ago period due to stronger volumes and operational improvements that more than offset increased quality costs.”
Please read Wednesday’s edition of The Tribune for more details.