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Article: Cummins Reports Improving Sales and Earnings Despite Continued Widespread Economic Weakness.(Financial report)
- Article from:
- Journal of India
- Article date:
- November 10, 2009
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Cummins Inc. (NYSE: CMI) reported third quarter sales of $2.53 billion and net income of $95 million, or $0.48 a share, down considerably from last year's record third quarter results. However, the Company significantly improved its profitability and cash position from the second quarter despite the global recession that continues to affect demand in most markets.
Sales fell 31 percent and net income attributable to Cummins Inc. fell 59 percent compared to the same period last year. Third quarter Earnings Before Interest and Taxes (EBIT) of $155 million, or 6.1 percent of sales, decreased 59 percent from a year ago.
The third quarter results include $22 ...