Cummins Inc. said Tuesday its third-quarter profit almost tripled, led by strong performances in its engine segment and international markets.
The diesel engine maker’s net income rose to $283 million, or $1.44 a share, from $95 million, or 48 cents, last year. Sales rose 34% to $3.4 billion.
Its engine and power generation segments each reported 44% sales improvements from a year ago, with the engine segment reporting its best earnings before interest and taxes (EBIT) percentage ever, at 10.8% of sales.
That came despite weakness in North American truck engine markets related to emissions rules and a sluggish economy, the company said in a statement.
Cummins has sold nearly 37,000 medium- and heavy-duty engines in North America this year, and its customer feedback “indicates that the engines are delivering on our promise of reliability and improved fuel economy,” the company said.
Cummins raised its full-year financial guidance to an EBIT of 12.5% of sales on revenues, or $13 billion.