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Updated:
7/27/2010 8:30:00 AM
Cummins’ Profit Jumps in 2Q
Cummins Inc. said Tuesday its second-quarter profit jumped to $245 million, or $1.25 a share, from $56 million, or 28 cents, a year ago.
Sales rose 32% to $3.21 million, the diesel engine maker said in a statement.
The sales gains were led by the company's engine and components segments, each with a 45% increase in sales compared with 2009, Cummins said. Sales in the power generation segment grew 16%, and the distribution segment saw a 24% rise in sales.
Heavy-duty truck engine sales fell 14% due to the transition to Environmental Protection Agency-compliant engines in the U.S. North American sales dropped 58%.
Medium-duty truck and bus sales grew 47%. Light-duty sales more than tripled, Cummins said.
Cummins raised its income forecast for the full year, saying it now expects its profit to be 12% of sales, with revenues of $13 billion.
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