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Energy producer Cummins Inc. (CMI) announced that its third-quarter net profit increased from US$184 million, or 92 cents per share, to US$229 million, or US$1.17 per share, mainly due to overseas sales. growth of.
Net revenue increased by approximately 10% from 3.37 billion U.S. dollars in the same period last year to 3.69 billion U.S. dollars, of which overseas sales accounted for 61% of total revenue, which was higher than the 52% recorded in the same period of last year.
Analysts surveyed by FactSet Research on average expected the company’s quarterly earnings per share of $1.19, with revenue of $3.73 billion.
The poor sales of new cars and trucks have had a serious impact on the company’s performance in the US market.
Looking ahead, Cummins said that it is currently expected that the 2008 full-year revenue growth will be 12%, which is lower than the previously expected 15%. The company warned that the economic environment in Europe and the United States in the third quarter will not improve.
Pat Ward, the company’s chief financial officer, said: “Although we will continue to invest in earnings growth opportunities, we will pay close attention to our costs in the short term.â€
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