Columbus-based Cummins Inc. (NYSE: CMI) is reporting third quarter net income of $534 million, up from $501 million during the same period a year ago. The manufacturer says the increase comes amid continuing supply chain issues.
Chief Executive Officer Tom Linebarger says demand remained strong during the quarter, which drove strong sales growth across most businesses and regions outside of China.
“Economic trends such as order activity, freight rates, and used equipment prices remain robust across a number of our key end markets which points to strong demand extending into 2022 and beyond,” said Linebarger. “Cummins is well positioned to benefit as these markets gain momentum as we continue to see orders for our products outpace our competition.”
Despite the strong demand, Linebarger says supply chain constraints continue to impact business for Cummins, as well as its customers. He says that has resulted in rising material costs and logistics expenses, in addition to other manufacturing inefficiencies.
You can connect to the full earnings report by clicking here.