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Sales in all business units and across nearly every market segment pushed Cummins Inc. to record revenues and sharply higher profits in its second quarter, ended June 30.
Sales increased 38% to $2.12 billion, a record for the Columbus, Ind., company, while net earnings climbed to $82 million, representing a 485% increase over the same period last year.
“Our second-quarter results were outstanding and reflect our customers’ very positive reactions to our product line,” said Tim Solso, Cummins Chairman and CEO. “Sales were very good in all segments, profits were up significantly and margins strong.”
For the first six months of the year, Cummins reported net earnings of $115 million on sales of $3.9 billion.
Engine business sales rose 57% from last year to $1.4 billion, led by higher sales in North America for heavy-duty truck engines, worldwide sales of medium-duty trucks, record sales of the Dodge Ram engine and strong worldwide construction and mining volumes.
For the second quarter, sales volumes in the North American heavy-duty market rose by 105% compared to the same period last year.
Cummins also reported that its Power Generation business continued to rebound as the unit posted its third straight quarterly profit.
Following Friday’s (July 23) earnings report, Cummins stock rose $2.89 to close at $64.90.