Cummins profit up 20%; revenue forecast raised
COLUMBUS, Ind. (Reuters) -- Cummins Inc posted a 20 percent increase in its first-quarter profit and raised its full-year forecast as strong demand for its engines and vehicle components in North America offset weakness in many other parts of the world.
The company, which makes diesel engines, fuel and air controls, as well as electrical power generators, reported a first-quarter profit of $338 million, or $1.83 a share, up from $282 million, or $1.49 a share, a year ago.
Sales rose 12 percent to $4.4 billion, driven by a 25 percent jump in North American revenues, which offset flat international sales.
Analysts, on average, expected Cummins to report a profit of $1.67 a share.
The company also said it now expects full-year sales to increase in a range of between 6 percent and 10 percent, up from a previous range of between 4 percent and 8 percent.Contact Automotive News