Cummins Inc. reported a 60-percent increase in third-quarter profit as revenue soared 36 percent over the same quarter a year ago.
The Columbus-based engine maker said Tuesday morning that profit hit $452 million, or $2.35 per share, in the quarter ended Sept. 30, compared with $283 million, or $1.44 per diluted share, a year ago.
Third-quarter sales were $4.6 billion, up 36 percent from the same period last year. The company said it saw double-digit sales growth in all product segments.
"We delivered strong performance in the third quarter, and 2011 will be a record year for the company," Tom Linebarger, Cummins president and chief operating officer, said in a prepared statement before markets opened Tuesday.
While many key markets are showing strong growth, Linebarger acknowledged uncertainty in the global economy. The company dialed back its full-year revenue forecast to a range of $17.5 billion to $18 billion, which would be a 30-percent increase over 2010.
Government actions to reduce inflation in India and China have resulted in softer near-term demand than we previously expected, Linebarger said.
Cummin shares sank as much as 8.4 percent, to $90.50 per share, in mid-morning trading before rebounding more than 3 percent.
Cummins said it saw strong growth in several product categories, including global mining; oil and gas markets; trucking in North America and Brazil; and construction in Asia.
Segment sales were up across the board:
— Engine sales were $2.96 billion, up 43 percent from a year ago.
— Power Generation had sales of $874 million, a year-over-year increase of 10 percent.
— Components sales of $1.02 billion were up 32 percent year-over-year.
— Distribution sales were $783 million, an increase of 37 percent from a year ago.