Cummins Income Dips; Company Boosts Outlook
Diesel engine maker Cummins Inc. said Thursday its second-quarter profit dipped 3%, though sales reached a record and the company sharply boosted its earnings guidance.
Cummins earned $214 million or $2.13 a share for the period, down from $220 million or $2.19 a year earlier.
Sales jumped 18% to a record $3.34 billion, from $2.84 billion a year ago.
Cummins boosted its earnings outlook to $7.15 to %7.65 a share, up from a previous $6 to $6.50 per share.
The company said its share of the North American heavy-duty truck engine market rose to 33.1% from 27.1% at the end of last year.
Overall engine sales rose 11% to $2.11 billion for the quarter.