Cummins’ 3Q Profit Improves
Gain Comes Despite Heavy-Duty Market Weakness
Diesel engine maker Cummins Inc. said Thursday its third-quarter profit rose to $184 million or $1.84 a share, from $171 million or $1.69 a year ago.
Sales jumped 20% to a record $3.37 billion, the company said in a statement.
Cummins’ engine business saw a 17% gain, led by the light- and medium-duty truck markets, “despite continued weakness in the North America heavy-duty truck engine market related to emission regulation changes,” the company said.
U.S. heavy-duty truck engine salesfell to $520 million from $632 million last year.
“The industry forecast for trucks in that market is now about 180,000 units for the full year 2007, down almost 50% from 2006,” Cummins said in a statement.
Cummins said last month that it would use exhaust gas recirculation technology — and not selective catalytic reduction — in its 2010 heavy-duty engines.