Cummins Inc., a supplier of diesel engines and generators to the RV industry, lost $34 million during the first quarter even though its RV-related sales increased during the period.
The company’s light duty auto and RV engine sales increased 41% during the first three months of this year to $222 million, compared with $157 million during the first quarter of 2002.
Cummins’ total power generation sales declined 6% during the first quarter to $267 million, but its RV and marine generator sales increased 4% during the period, the company reported.
Meanwhile, Cummins Chairman and CEO Tim Solso believes “the worst is behind us” and he forecasts that Cummins will earn a net profit of $4 million to $8 million during the second quarter and $47 million to $55 million during the full year-2003.
In addition to supplying engines to diesel pusher motorhome manufacturers, Cummins sells generators under the Onan brand name and it owns Australian diesel pusher motorhome manufacturer Swagman.