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Cummins Reports Record Sales for 4Q, 2006
Diesel engine maker Cummins Inc. Monday reported record sales and earnings for the fourth quarter and full-year 2006, with sales topping $3 billion in the quarter for the first time.
Fourth-quarter earnings rose to $189 million or $3.75 a share, from $167 million or $3.31 a year earlier. Sales rose to 10% to $3.303 billion.For the full year, Cummins earned $715 million or $14.21 a share, up from $550 million or $11.01 a year earlier. Sales rose 15% to $11.36 billion.Engine sales reached a record $195 billion in the quarter, up 6%, led by gains in medium- and heavy-duty engines, Cummins said. North American heavy-duty shipments rose 14% and medium-duty sales rose 57%. Cummins said it expects to earn $11 to $11.50 per share this year, despite a forecasted downturn in engine sales related to new emissions standards. That is higher than analysts’ forecast of $10 per share, the Associated Press reported.
