Columbus-based Cummins Inc. (NYSE: CMI) is reporting net income of $453 million, compared to $289 million during the same period the previous year. The engine maker has raised its expectations, and now projects 2017 revenues to grow 14-15 percent compared to last year.
Chief Executive Officer Tom Linebarger says stronger volumes and operational improvements "more than offset increased quality costs." The company says third quarter revenue was $5.3 billion, a 26 percent increase over the same quarter in 2016. Cummins cites higher demand in the truck, oil and gas and construction markets.
The company says international sales are also driving growth. It is reporting 28 percent growth over the third quarter of last year, due to strong truck and construction demand in China, new product sales in India and increased demand from global mining customers.
Cummins says one of the highlights of the quarter was acquiring the assets of Oregon-based Brammo Inc. At the time, Cummins said adding the energy storage technology platform is part of its ongoing strategy to become a global electrified power leader. Brammo makes battery packs for mobile and stationary applications.