Cummins Riding Record Revenues

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(Image of Cummins Global Headquarters courtesy of Columbus, Indiana Visitors Center.) (Image of Cummins Global Headquarters courtesy of Columbus, Indiana Visitors Center.)
COLUMBUS -

Columbus-based Cummins Inc. (NYSE: CMI) is reporting second quarter net income of $545 million, compared to $424 million during the same quarter a year earlier. Revenues increased 21 percent to a quarterly record of $6.1 billion. Chief Executive Officer Tom Linebarger says the company is on pace for a record year for sales and other metrics.

The company says demand for trucks, construction, mining and power generation equipment all grew during the quarter and sales in North American and internationally -- especially in China, Europe and Latin America -- increased.

Linebarger says "as a result of strong customer demand for our products, solid execution from our global manufacturing and supply chain teams and continued focus on cost reduction, the Company delivered record quarterly sales and earnings per share in the second quarter. We are on track to deliver record full year sales, earnings and cash flow. The Company now plans to return 75 percent of Operating Cash Flow to shareholders in the form of dividends and share repurchases in 2018, up from our previous plan to return 50 percent."

Cummins has raised its full-year revenue forecast to be higher by 15-17 percent, but expects Earnings Before Interest, Taxes, Depreciation and Amortization to be slightly lower for the full year than previously anticipated.

You can connect to the full earnings report by clicking here.

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