COLUMBUS, Ind. — Cummins Inc. announced this morning that third-quarter revenues of $5.8 billion decreased 3 percent from the same quarter in 2018, primarily because of lower demand for trucks and construction equipment.
Net income (profit) in the third quarter was $622 million ($3.97 per diluted share), compared to net income of $692 million ($4.28 per diluted share) last year.
Cummins now is forecasting 2019 full-year revenue to decline 2 percent compared to its prior projection of flat revenue.
“Despite weakening conditions in a number of our largest markets, Cummins delivered strong profits, record operating cash flow, and returned a record $910 million of cash to shareholders in the third quarter,” said Chairman and CEO Tom Linebarger. “While we expected to see a moderation of demand in the second half of the year, sales have weakened even faster than we anticipated. Cummins is taking actions to align our cost structure with the lower revenues while maintaining investment in products that will deliver sustainable growth and profitability.”
Please read Wednesday’s edition of The Republic for more details.
