Columbus-based Cummins Inc. (NYSE: CMI) Chief Executive Officer Tim Linebarger says rising demand in a number of key markets drove record quarterly revenues. The company is also reporting third quarter net income of $692 million, compared to $453 million during the same period a year ago. Cummins is maintaining its previous earnings projections of full-year earnings in the range of 15 to 17 percent.
Earnings before interest, taxes, depreciation and amortization jumped more than 16 percent in the third quarter to $983 million. Net sales in the quarter increased to $5.9 billion, compared to $5.3 billion in Q3 of 2017, driven by increases in North America as well as India, China, Latin America and Europe. Demand, the company says, was up for trucks, construction equipment and power generation equipment.
‘We have completed our previously announced $500 million accelerated share repurchase plan and our Board of Directors recently authorized a new $2 billion share repurchase plan, which reflects our confidence in our long-term performance," said Linebarger. "Year to date, we have returned $1.4 billion to shareholders in the form of dividends and share repurchase, consistent with our plan to return 75 percent of Operating Cash Flow in 2018."
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