Cummins Inc. saw profit more than double in the first quarter amid continued strength in key international markets and a recovery in the North American truck market.
The Columbus, Ind.-based engine maker on Tuesday reported profit of $343 million, or $1.75 per share, compared with $149 million, or 75 cents per share, in the first quarter of 2010.
Revenue soared 56 percent, to $3.9 billion.
Analysts polled by Thomson Reuters had expected profit of $1.44 per share on $3.6 billion in revenue.
The strong performance prompted the company to raise its sales forecast this year by $1 billion, to $17 billion.
“Our outstanding first-quarter results demonstrate that we are well-positioned to take advantage of our significant growth opportunities as markets around the world continue to recover,” Cummins CEO Tim Solso said in a prepared statement.
Sales in the engine segment climbed 68 percent, to $2.4 billion, compared with the first quarter last year, when sales suffered from a change in emission standards and the economic downturn, the company said.
Engine shipments in the global heavy-duty truck market more than tripled year over year, while medium-duty truck engine sales more than doubled.
Shares of Cummins were up nearly 7 percent, to $115.30 each, in mid-morning trading.