Cummins Reports Record Revenue; Raises '05 Guidance

July 22, 2005 12:30 PM, EDT

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iesel engine maker Cummins Inc. Friday reported record net income of $141 million or $2.83 a share, a 72% increase from $82 million or $1.76 for the same period last year.

The company’s second-quarter sales reached a record $2.49 billion, up 17% from the previous second quarter.

Cummins boosted its earnings guidance for 2005 to $10.10 to $10.30 a share, from a previously projected $9 to $9.20.

Cummins said its engine segment’s earnings before interest and taxes rose 73% to $156 million, while revenue from its worldwide heavy-duty truck market rose 30% to $553 million.