Cummins’ 1Q Profit Jumps
Diesel engine maker Cummins Inc.’s first-quarter profit jumped 33% to $190 million, or 97 cents a share, from $143 million, or 71 cents, a year ago.
Sales rose 23% to $3.47 billion, the company said Wednesday.
Sales growth was led by the engine segment, its largest unit. Heavy-duty and medium-duty truck engine shipments increased 36% and 68%, respectively, primarily due to increased market share in North America, the company said in a statement.
Through February, the latest month for which statistics are available, Cummins said it owned a market-leading share of 43% of the North American Class 8 truck engine market, compared to 28 percent at the same time last year.
The company plans to more than double annual production of its diesel engines to 1.6 million units by 2012 from last year, as truck buyers conform to tougher emissions standards, Bloomberg reported.
