Cummins sets new earnings record
Cummins says revenues for the year will be up 15 to 17 percent over last year, that’s based on record-setting third quarter numbers.
The Columbus-based diesel engine manufacturer released its quarterly report to the SEC today, saying that it had third quarter revenues of $5.9 billion. That was an increase of 12.percent from the same quarter of last year.
The company set a new record for earnings with $983 million dollars in earnings before interest, taxes, depreciation and amortization, which was up from $788 million in the same quarter of last year.
Sales in North America improved by 17 percent. International revenues increased by 6 percent led by growth in India, China, Latin America, and Europe.
Based on the current forecast, Cummins expects annual earnings of 14.8 to 15.2 percent of sales.