Cummins’ 1Q Profit Rises on Strong Engine Sales
Truck engine and components maker Cummins Inc. on Tuesday said its first-quarter profit rose on higher sales.
Net income climbed to $455 million, or $2.38 a share, from $343 million, or $1.75, a year ago, the company said in a statement.
Sales for the quarter ended April 1 rose 16% to $4.47 billion.
Engine sales climbed 20% to $2.9 billion, driven by higher demand in North American truck and construction markets, which offset lower sales to the China construction and Brazilian truck markets, Cummins said. Segment earnings before interest and taxes were $381 million, or 13.3% of sales, Cummins said.
Its components segment grew 19% to $1.1 billion, boosted by increased demand in North America and Brazil. Components segment EBIT was $143 million, or 13% of sales.
