COLUMBUS, Ind. — Cummins Inc. has raised its full-year revenue projections after reporting a stronger first quarter of sales compared to last year.
The Columbus-based power company and diesel engine maker reported today first quarter revenues of $5.6 billion, an increase of 21 percent from the same quarter in 2017. Strong demand for trucks, construction and mining equipment drove the majority of the revenue increase, the company said in a news release.
Cummins is forecasting full-year revenues to be up 10 to 14 percent, compared to prior projections of an increase of 4 to 8 percent.
Sales in North America improved by 22 percent while international revenues increased by 20 percent, led by strong growth in Europe, Latin America, China and India, the company reported.
“Improving demand in a number of the Company’s core markets, combined with our strong global market share and the success of new products aimed at lowering emissions, resulted in sales growth of 21 percent in the first quarter,” said Cummins Chairman and CEO Tom Linebarger.
Net income in the first quarter was $325 million ($1.96 per diluted share), down compared to $396 million ($2.36 per diluted share) in the first quarter last year. The company said the decrease reflected $78 million in discrete tax charges, primarily related to U.S. tax reform.
Please see Wednesday’s edition of The Republic for more details.