Cummins Inc. has reported third quarter 2003 sales of $1.63 billion and net earnings of $24 million.
Sales increased $95 million, or 6%. Through the third quarter year-to-date, sales were $4.56 billion.
"Cummins improved performance this past quarter reflects our efforts to position the company for the emerging economic recovery," said Tim Solso, chairman and chief executive officer of Cummins Inc. "One year after introducing our 2002 emissions-compliant heavy duty engines, we have 25,000 of them on our nation's highways, and they have logged more than one billion miles of reliable performance," Solso added.
Engine sales for the Dodge Ram and industrial markets as well as sales in the other business segments experienced solid growth from the 2002 third quarter. These increases substantially offset year-over-year revenue declines in other North American automotive markets. While demand in these markets has not yet fully recovered, the businesses have shown sequential quarterly improvement in both volume and operating leverage.
Total sales for the Engine Business in the third quarter were $942 million, a 9% decrease from sales of $1.03 billion a year ago.
International heavy duty truck engine shipments were up 9% from a year ago and 38% from the previous quarter.
Sales increased $95 million, or 6%. Through the third quarter year-to-date, sales were $4.56 billion.
"Cummins improved performance this past quarter reflects our efforts to position the company for the emerging economic recovery," said Tim Solso, chairman and chief executive officer of Cummins Inc. "One year after introducing our 2002 emissions-compliant heavy duty engines, we have 25,000 of them on our nation's highways, and they have logged more than one billion miles of reliable performance," Solso added.
Engine sales for the Dodge Ram and industrial markets as well as sales in the other business segments experienced solid growth from the 2002 third quarter. These increases substantially offset year-over-year revenue declines in other North American automotive markets. While demand in these markets has not yet fully recovered, the businesses have shown sequential quarterly improvement in both volume and operating leverage.
Total sales for the Engine Business in the third quarter were $942 million, a 9% decrease from sales of $1.03 billion a year ago.
International heavy duty truck engine shipments were up 9% from a year ago and 38% from the previous quarter.
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