Cummins announces third quarter revenue drop

Correction: Earlier versions of this story had the current Cummins chairman and CEO, Tom Linebarger, incorrect.

Cummins is reporting this morning that the company’s third quarter revenues were down 9 percent from last year’s third quarter.

In a filing with the SEC this morning, Cummins reports that its third quarter revenues were $4.2 billion dollars, down from the same quarter last year’s $4.6 billion. Company officials reported that the revenues were affected by lower truck production in North America, weak international demand of power generation equipment and a stronger U.S. dollar.

Revenues in North America were down 13 percent, while worldwide sales were down 3 percent.

Company chairman and CEO Tom Linebarger said that the slow pace of growth globally was causing weak demand. He also said the company has returned $1.3 billion to shareholders this year through dividends and stock repurchases.

For the whole report, click here.