Cummins’ Third-Quarter Profit Rises 24%

Diesel engine maker Cummins Inc. said Friday its third-quarter profit jumped 24% on stronger international sales, but the company lowered its full-year sales outlook.

Its profit rose to $229 million, or $1.17 per share, from $184 million, or 92 cents, a year ago. Sales rose 10% to $3.69 billion.

Cummins lowered its full-year outlook to sales growth of 12% this year, down from a previous forecast of 15% growth.

Engine sales rose 6% to $2.28 billion, while earnings before interest and taxes gained 3% to $160 million.

Heavy-duty truck market sales rose 21%, driven by market share gains in North America, Cummins said.

Competitor Caterpillar Inc. said in June that it would exit the heavy-duty truck engine market in North America after 2010.