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Engine maker Cummins Inc. today (July 22) reported record second-quarter earnings, driven by increased sales in each of its business segments and improved profit margins.
Columbus, Ind.-based Cummins said second-quarter earnings climbed 72% to $141 million, up from $82 million the year prior. Revenue during the period rose 17% to $2.49 billion from last year’s $2.12 billion, helped by 21% growth in its engines division.
Cummins’ engine segment reported $1.67 billion in sales in the quarter, a 21% increase from $1.37 billion in the same period in 2004.
Sales from the combined recreational vehicle and light-duty automotive markets fell 8% to $269 million in the quarter due to a 10% decline in Dodge Ram engine shipments. Revenues for the company’s power generation segment, which includes RV generator supplier Onan, Minneapolis. Minn., rose 7% to $493 million.
“Sales growth in many of our markets continues to be extremely strong, but our ability to convert those sales into sharply higher earnings speaks to our cost structure improvements and the focused efforts of our employees,” said Cummins Chairman and CEO Tim Solso. “We are well on our way to exceeding last year’s record performance.”