COLUMBUS, Ind. — Diesel engine maker Cummins Inc.’s sales have shifted into a higher gear this year following six consecutive quarters with year-over-year revenue declines.
The Columbus-based Fortune 200 company reported Tuesday first-quarter revenues of nearly $4.6 billion, about a 7 percent increase from the nearly $4.3 billion in revenue it reported for the same period in 2016.
Sales increased in all four of the company’s business segments — Engine, Distribution, Components and Power Systems.
Cummins’ first-quarter results and the factors for the gains prompted the company to adjust its full-year forecast to the positive side. The company said it expects full-year revenues to be up 4 to 7 percent, compared to its prior projection of revenues flat to down 5 percent.
Cummins Inc. reported this morning that its first-quarter revenues for this year reached $4.6 billion, an increase of 7 percent from the same quarter in 2016.
Stronger demand from construction and mining customers and higher sales from a distributor acquisition in the fourth quarter of last year offset the impact of weaker truck production in North America, and international sales improved by 17 percent, the company said in a news release.
“Cummins delivered solid financial results, successfully launched new products and returned $222 million in cash to shareholders in the form of dividends and share repurchases in the first quarter,” said Chairman and CEO Tom Linebarger.
Cummins is forecasting full-year revenues to be up 4 to 7 percent, an improvement from its prior forecast of revenues being flat to down 5 percent.
Please read Wednesday’s edition of The Republic for more details.