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Profit, revenue up for Cummins in latest quarter

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Cummins Inc. said Monday that second-quarter profit jumped 7.7 percent on strong sales in North America.

The Columbus-based manufacturer of heavy-duty engines reported a quarterly profit of $446 million, or $2.43 a share, compared with $414 million, or $2.20 a share, in the same period of 2013.

Revenue rose nearly 7 percent, to $4.8 billion.

The earnings results exceeded analyst expectations of $2.38 per share. Revenue matched analyst predictions.

North America revenue grew 14 percent, while international revenue slipped 1 percent on lower sales in Mexico, Brazil and India.

The company raised its revenue growth-rate forecast for the rest of the year to a range of 8 percent to 11 percent, up from a prior estimate of a 6 percent to 10 percent.

"Demand is growing in on-highway markets in North America this year as the economy improves and we have gained market share in medium-duty truck and bus markets,” CEO Tom Linebarger said in a prepared statement. “Our components business delivered very strong results in the second quarter generating record sales and profits."

Cummins’ shares were down $5.12, or 3.4 percent, Monday morning, $145.03 each.
 

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