WASHINGTON (dpa-AFX) - Cummins Inc. (CMI), an engine manufacturer, on Thursday said its profit for the third quarter more than doubled, supported by stronger demand across its businesses, particularly Power Systems.
However, the company lowered its full-year revenue growth outlook, citing weaker-than-expected pickup truck demand in North America.
Net income for the third quarter rose to $1.14 billion, or $8.25 per share, from $536 million, or $3.86 per share, in the year-ago quarter. The latest quarter's earnings included $0.54 per share from favorable discrete tax items, while the prior-year period included $1.73 per share in non-cash Accelera charges.
Revenues increased 13 percent to $9.44 billion from $8.32 billion. North American sales grew 15 percent, while international revenues advanced 11 percent, led by China.
Among business segments, Engine sales increased 20 percent to $3.1 billion, Components sales rose 23 percent to $2.9 billion, Distribution sales grew 4 percent to $3.3 billion, and Power Systems sales advanced 15 percent to $2.3 billion. Accelera sales declined 15 percent to $103 million.
For full-year 2026, Cummins now expects revenue growth of approximately 10 percent, compared with its previous forecast of 10 percent to 13 percent. EBITDA margin is projected at approximately 18.2 percent, within its prior guidance range of 18 percent to 18.5 percent.
The company said weaker North American pickup truck demand prompted the outlook adjustment, while strong power generation and heavy-duty truck demand are expected to support higher fourth-quarter revenue, which is forecast to reach a record level.
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