Fueled by strong performance in all of its business units, Cummins Inc. reported first quarter net earnings of $33 million, or 76 cents per share, compared to a loss of $31 million,
or 79 cents a share, in the first quarter of 2003.
Sales for the first quarter totaled $1.77 billion, a 28% increase over the same period last year.
"After experiencing some of the most challenging years in our company's history, it is gratifying to see these very positive results," said Tim Solso, Cummins chairman and chief executive officer. "Along with increased sales volumes and growing interest in our numerous new products, we are seeing a payback on our intensive cost-cutting efforts.
For the second quarter in a row, all four Cummins operating segments - Engine, Power Generation, Filtration and International Distributor - were profitable.
Engine sales volumes in the North American heavy-duty truck market improved faster than expected as part of a broad market recovery, and the company expects the market to grow by more than 30% in 2004. Cummins market share in the heavy-duty truck segment also increased by several percentage points to date in 2004 due to the success of its new engine platforms, which comply with U.S. federal emission-control standards through 2006.
Total first quarter sales for the Engine Business were $1.1 billion, up 40% from first quarter 2003 sales of $816 million.