Cummins is forecasting that it will do better than expected this year, based on results from the recently-completed third quarter.
The company reported this morning that it expects full-year revenues to be up 14 to 15 percent over last year. That’s an improvement over earlier revenue forecasts of only 9 to 11 percent growth.
The company had third quarter revenues of $5.3 billion. That is up 26 percent from the third quarter last year. The company reported in its filing with the SEC that North American revenues were up 25 percent due to increased demand in the truck, oil, gas and construction markets. International demand also grew 28 percent with truck and construction demand in China and new products being sold in India.
Income for the third quarter was $453 million, compared to last year’s $289 million in the third quarter. And earnings were $640 million, an increase over last year’s $398 million. That is about 12.1 percent of sales.
In a statement, Chairman and CEO Tom Linebarger. said the company has returned $913 million to shareholders in the form of dividends and share repurchases since the start of the year.