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07-12-2007
New
from Cummins reported that record revenues and higher earnings for the third quarter,
led by quarterly-best sales in three of its four business segments. Given the
Company's performance through the first nine months of 2007 and the outlook for
the fourth quarter, Cummins remains on pace to meet its earnings guidance of $7.15-$7.65
a share, which would make 2007 the most profitable year in company history. Sales
grew 20 percent to $3.37 billion, from $2.81 billion during the same period in
2006, eclipsing the Company's previous high mark set in the second quarter of
2007. Net income for the third quarter increased 7.6 percent to $184 million,
or $1.84 per diluted share, from $171 million, or $1.69 per diluted share in the
third quarter last year. "We
continue to experience significant growth in most of our markets around the world,
and are well-positioned to take advantage of many opportunities for future growth.
Our technology leadership has resulted in a sustainable competitive advantage
for Cummins" said Cummins Chairman and Chief Executive Officer Tim Solso. Cummins
Inc., a global power leader, is a corporation of complementary business units
that design, manufacture, distribute and service engines and related technologies,
including fuel systems, controls, air handling, filtration, emission solutions
and electrical power generation systems. Headquartered in Columbus, Indiana, (USA)
Cummins serves customers in more than 160 countries through its network of 550
Company-owned and independent distributor facilities and more than 5,000 dealer
locations. Cummins reported net income of $715 million on sales of $11.4 billion
in 2006.
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