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Cummins' profit more than doubles in first quarter

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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.
 
 

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