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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowCummins 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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