Cummins Sees Quarterly Profit Increase
(photo courtesy: Cummins Inc)
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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 second quarter net income of $600 million, up from $276 million during the same period last year. Chief Executive Officer Tom Linebarger says strong demand across key markets drove sales growth during the quarter.
“The strength of the order board reflects robust underlying demand in many of our markets which is remarkable considering the challenges and uncertainty we faced during this same period last year,” said Linebarger. “I cannot thank our employees and the employees of our supply base enough for their unwavering contributions during these challenging times given the significant supply chain constraints we continue to experience in our industry.”
Cummins also announced its exploration of alternatives for its filtration business unit. The company says potential strategic alternatives include the separation of the business into a stand-alone company.
Linebarger stated, “Cummins Filtration is a technology leader with global presence and significant runway for continued growth. We expect that the strategic alternatives we are considering will result in enhanced value for our stakeholders, and position Cummins Filtration to take advantage of enhanced opportunities to invest in organic and inorganic growth.”
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