Cummins reported second-quarter revenues of $3.34 billion, up 18 percent from $2.84 billion in the second quarter of 2006 and 10 percent higher than the previous quarterly record set in the fourth quarter of last year.
Net income was $214 million, or $2.13 per share, a 3 percent decrease from $220 million, or $2.19 per share in the second quarter of 2006. However, the 2006 net income included a $28 million ($0.28 per share) one-time tax benefit. Without the tax benefit, net income increased 11 percent from 2006.
Based on its first-half performance and its outlook for the remainder of the year, Cummins raised its 2007 earnings guidance from $6.00 to $6.50 to $7.15 to $7.65 per share.