COLUMBUS, Ind.– Cummins Inc.’s second-quarter revenues of $4.5 billion decreased 10 percent from the same quarter last year, the company reported this morning. Second-quarter revenues were $5 billion in 2015.
Net income also dropped to $406 million ($2.40 per diluted share) from $471 million ($2.62 per diluted share) compared to the same April-through-June period last year.
Lower truck production in North America and weak global demand for off-highway and power generation equipment were the most significant drivers of the decline in sales. Currency negatively impacted revenues by approximately 1 percent compared to last year, primarily due to a stronger U.S. dollar, Cummins said in a news release.
Cummins said it expects full-year 2016 revenues to be down 8 to 10 percent, lower than its previous guidance of down 5 to 9 percent primarily due to a lower outlook for North America truck production and weaker demand in global off-highway markets.
Please see Wednesday’s edition of The Republic for more details.