Cummins reported its highest third quarter sales and profits ever this year, and its second best quarter in the company’s history. The record quarter was led by strong gains in international markets that more than offset continued weakness in the company’s North American consumer markets.
Third quarter sales of $3.69 billion were 10 percent higher than $3.37 billion during the same period in 2007. Net income rose 24 percent to $229 million, or $1.17 a share, compared to $184 million, or $0.92 a share a year ago. Earnings Before Interest and Taxes (EBIT) increased 24 percent to $380 million, from $306 million in the third quarter of 2007.
Sales outside of the United States accounted for 61 percent of the company’s revenues in the third quarter, compared to 52 percent a year ago. Cummins’ international business was particularly strong in the power generation segment, where sales grew 29 percent, and in the distribution segment, which saw a 28 percent increase in international sales this quarter.
