Cummins Report Rise in Profits and Sales

Cummins, the maker of diesel engines, reports that its net income for the second quarter was $82 million U.S. or $1.76 U.S. per share, compared with $14 million U.S. or 34 cents U.S. a year earlier.
Total sales reached a record $2.12 billion, a 38 percent increase from the second quarter of 2003, the company said in a statement. All figures in U.S. dollars.
Cummins said engine sales rose 57% to $1.4 billion, led by higher sales in North America for heavy-duty truck engines. Its share of the North American heavy-duty truck engine market rose more than five percentage points in first five months of the year to 26.8%, the company said.
The company also raised its earnings guidance for the full year to $5.55 to $5.75 a share, from $4.40 to $4.60.