Cummins Quarterly Profit Grows
(photo courtesy Cummins)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowColumbus-based Cummins Inc. (NYSE: CMI) is reporting first quarter net income of $663 million, up from $325 million during the same period last year. The manufacturer also saw an 8 percent increase in quarterly revenue, driven largely by increased truck production in North America and stronger demand in global construction and North American power generation markets.
Cummins is also reporting a 13 percent increase in North American sales and a 1 percent increase in international sales.
"The company shipped a record number of truck engines in North America during the first quarter," Tom Linebarger, chairman and chief executive officer of Cummins, said in a news release. "We are on track to deliver record results for the year and return significant capital to investors, and will continue to invest across our broad portfolio to power a strong future for our stakeholders."
The company this week also announced it is formally reviewing its emissions certification and compliance process for its pickup truck applications. Cummins says the review is being conducted with external advisors "to ensure the certification process for Cummins pickup trick applications is consistent with its internal policies, engineering standards and applicable laws."
As a result of the strong earnings report, Cummins has raised its full-year profit outlook. The company says the outlook does not include any potential impact of its emissions certification and compliance process review.
You can view the full earnings report by clicking here.