Cummins turns higher 2Q profit
Jul 23, 2002 12:00 PM
Cummins Inc. reported a higher second-quarter profit, exceeding Wall Street estimates, thanks to cost controls and strong demand in its truck and recreational vehicle businesses. "The majority of our end markets remain at very low levels," said chairman & CEO Tim Solso, in a release. "However, we believe we reached the bottom in most of these markets in the first quarter of this year and are now seeing moderate improvement. We expect this trend to continue." The engine maker said it had net income of $13 million compared with a year-earlier loss of $82 million after restructuring charges. Its profits during the second quarter of 2001 were $2 million. Sales increased 8% to $850 million in the company's engine business, and automotive sales were up 13%.
