Cummins Inc. reported third quarter profit of $39 million on sales of $1.65 billion. This compares to $3 million profit on sales of $1.41 billion for third quarter 2001.

"Results from our Engine Business reflected increased demand for heavy-duty engines in advance of the October 1 deadline for new diesel emission standards, as well as the significant progress that we have made with our ongoing cost reduction efforts," said Tim Solso, Chairman and Chief Executive Officer. "In addition, our partnership with DaimlerChrysler on the new Dodge Ram pickup truck continues to be a great success, resulting in a 21 percent increase in light-duty engine shipments compared to the third quarter of 2001."
Total third-quarter sales for the Engine Business were $1.03 billion, a 35% increase over the same period last year. Revenues for the heavy-duty truck segment were up 70%. Medium-duty truck and bus revenues increased 41%, compared to the third quarter of 2001. Dodge Ram sales and a significant increase in engines for recreational vehicles boosted revenues in the light-duty automotive and RV business by 43% this quarter compared to a year ago. Engine sales to industrial markets in total were down 7% from the previous year.
Revenues for the Filtration and Other segment were $236 million for the quarter, a 12% increase over the third quarter of 2001. Filtration business revenue was up in North America, with improvement in both demand and market penetration. Revenues at the Holset Turbocharger business also increased from a year ago, with continued strong business in China.
Sales in the Power Generation Business for the third quarter were $315 million, down 15% from the third quarter of 2001. In North America, revenues were down compared to the same period last year, with continued weak demand in commercial genset markets. This decrease was partially offset by an increase in consumer business revenues, spurred by greater demand for recreational vehicles.
Third-quarter sales for the International Distributor Business were $152 million, an increase of 12%, compared to sales of $136 million for the same period last year. The increase reflects improvement across most regions and significant increases in Australia.
The company forecasts lower sales in the fourth quarter based on the projected fall-off of the North American heavy-duty truck market and a continuation of the depressed demand in the power generation business. However, continued improvement is expected in the filtration and international distributor businesses.