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Cummins Inc., supplier of diesel engines and Onan generators to RV industry customers, reports it lost $29 million during the first quarter, but Chairman Tim Solso believes “the worst is behind us.”
The loss during the three months ended March 31 compares with a loss of $26 million incurred during the first three months of 2001.
Cummins, which also owns RV manufacturer Swagman Motor Homes Pty. of Australia, reports its total sales declined 1% during the first quarter to $1.33 billion.
Its engine sales were essentially flat at $776 million, compared with $768 million a year ago. Sales of engines to auto and RV industry customers increased 3%, but that was offset by declines to sales to customers in the heavy and medium-duty truck and industrial equipment industries.
Cummins’ power generation sales declined 8% to $283 million.
“The first quarter is historically difficult for our industry, however, we believe demand has hit a trough in most of our markets and should gradually improve going forward,” Solso said. “We are well positioned to take advantage of an eventual upturn and substantially improve profitability.”
However, he added, “We do not expect significant broad recovery in the near term.”