Columbus-based engine maker Cummins Inc. posted a 7-percent increase in fourth-quarter profit, with strong demand for construction equipment in international markets and medium-duty trucks in North America.
Thursday morning, the firm reported profit of $432 million, or $2.32 per share, up from $404 million, or $2.14 per share, in the same quarter of 2012.
Revenue also rose 7 percent, to $4.6 billion. Cummins said the higher sales were driven by business in North America, China and Brazil, partially offset by weaker sales in Mexico, India and Australia.
Full-year were less impressive. Revenue came in at $17.3 billion, mirroring 2012. Profit fell to $1.48 billion from $1.68 billion in 2012.
CEO Tom Linebarger attributed the overall results to weakness in global mining markets, international power generation and the North American heavy-duty truck market.
“I am pleased that in this environment of weak global growth we were able to generate record cash flow from operations that allowed us to continue to invest in the business and increase cash returned to shareholders by 34 percent,” Linebarger said.
In 2013, cash dividends per common share rose to $2.25, from $1.80 in 2012.
Cummins said it expects revenue to rise 4 percent to 8 percent in 2014.
Cummins shares rose nearly 2 percent, to $129, in late morning trading Thursday.