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Cummins Inc. nearly tripled its earnings during the first quarter ended March 27, prompting the Columbus, Ind., company to raise its earnings and sales guidance for 2005.
For the quarter, Cummins posted net income of $97 million – nearly three times the $33 million the company earned in 2004. Net sales of $2.21 billion were 25% higher than $1.77 billion for the same period a year ago.
Sales of light-duty engines for the recreational vehicle and auto industries were $260 million compared with $274 million in 2004.
The company’s Power Generation segment, which includes Minneapolis, Minn.-based RV generator supplier Onan Corp, reported sales of $439 million, the best first quarter ever for the segment and 19% higher than the same period in 2004. In addition to Onan, the division includes the Cummins Power Generation brand name, along with the Stamford, Markon and AVK brands.
“We continued to build off our record performance in 2004 with an excellent first quarter,” said Cummins chairman and CEO Tim Solso. “Our markets across the world remain strong and these results reflect our ability to take a greater percentage of revenue to the bottom line. Our people are executing well and those efforts are paying off.”
Cummins is now forecasting sales for the year to be 10-12% greater than last year, compared to its previous forecast of a 7-8% percent increase.