Cummins raises forecast after strong first quarter

Cummins Inc. on Tuesday reported a big rise in profit and revenue in the first quarter.

The Columbus-based manufacturer reported a profit of $338 million, or $1.83 per share, up from $282 million, or $1.49 per share, in the first quarter of 2013.

The profit beat analyst predictions of $1.67 a share.

Overall revenue increased 12 percent, to $4.4 billion. Revenue in North America rose 25 percent.

Cummins shares rose 3.9 percent after the announcement, to close Tuesday at $150.81 per share.

Cummins raised it full-year forecast due largely to the improving demand in North America. It said revenue for fiscal year 2014 would rise in the range of 6 percent and 10 percent, up from 4 percent and 8 percent.
 

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