Cummins tallies $39-million profit for third-quarter 2002

Cummins Inc has reported third-quarter earnings of $1.00 per fully diluted share, or a $39-million profit after taxes, on sales of $1.65 billion. This compares with earnings of 8 cents per share for third-quarter 2001, or a $3-million profit after taxes on sales of $1.41 billion.

Total third-quarter sales for the Engine Business were $1.03 billion, a 35% increase over the same period in 2001. Revenues for the heavy-duty truck segment were up 70%. Medium-duty truck and bus revenues increased 41% compared with third-quarter 2001. Dodge Ram sales and a significant increase in engines for recreational vehicles boosted revenues in the light-duty automotive and RV business by 43% for third-quarter 2002 compared with the same period a year ago. Engine sales to industrial markets in total were down 7% from the previous year.

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