COLUMBUS, Ind. — Cummins Inc. reported third-quarter revenue declined 11% compared to the same quarter last year but saw a “dramatic increase” in sales compared to the second quarter this year.
The Columbus-based company announced Tuesday that it had pulled in $5.1 billion in revenues during the July-to-September quarter, down from nearly $5.8 billion from the same quarter last year.
The company said it saw high demand volatility across its end markets during the third quarter as the global economic recovery from the COVID-19 pandemic continues to vary by market and region.
In July, Cummins reported second quarter results that included what company officials said was the largest quarterly sales decline in the company’s 101-year history due industry-wide company shutdowns and weak economic activity related to the pandemic.
However, on Tuesday, Cummins Chairman and CEO Tom Linebarger said the company saw a “dramatic increase” in sales in the third quarter compared to the second quarter, which he characterized as “the largest sequential increase in sales” in the company’s history.
“Even with the dramatic increase, our sales remain below last year’s level,” Linebarger told financial analysts on Tuesday. “While we have seen increased demand on most of our end markets in the last three months, we continue to to see differences in recovery rates, both by market and by region, and we expect these differences to continue.”
For more on this story, see Wednesday’s Republic.
