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Cummins tops expectations despite lower profit, sales

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Engine manufacturer Cummins Inc. on Tuesday reported lower profit and revenue in the second quarter, but the results topped Wall Street expectations.

Columbus-based Cummins said earnings in the second quarter were $469 million, or $2.47 per share, compared with $505 million, or $2.60 per share, in the same period a year ago.

Excluding gains from divestitures, Cummins earned $2.45 per share, topping the average analyst forecast of $2.28, according to Thomson Reuters.

Second quarter revenue of $4.45 billion was down 4 percent from the same quarter of 2011.

The company said growth in North America offset weakness in international markets, particularly China and Brazil.

Sales fell 2 percent in the company’s engine segment, to $2.8 billion, and were flat in the components and power-generation segments. Sales in the distribution segment rose 1 percent, to $794 million.

Cummins shares were up 6.3 percent, to $96.15, in early trading.
 

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