Third-quarter sales for Columbus-based Cummins Inc. declined across all company divisions, especially in China and Brazil, and the company isn't banking on any better results in the fourth quarter.
"We are experiencing weaker demand in many of our largest markets and there's a lot of uncertainty," Chairman and CEO Tom Linebarger said late this morning during an hour-long conference call with Wall Street analysts. "It's not clear when the environment will improve."
Cummins' stock fell 42 cents per share (0.45 percent) to $93.40 at midday on the New York Stock Exchange.
The engine maker's third-quarter revenue of $4.1 billion was down 11 percent from the same quarter in 2011.
Sales in North America grew 2 percent in that quarter compared to the same period a year ago, but revenues from international markets declined 21 percent.
China was particularly hard hit with sales declines in trucking engines and construction equipment, the company said.
The slight sales gains in North America followed double-digit gains in sales of truck engines in that market over the first two quarters of the year.
Read more details on Cummins in Thursday's print edition.
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