Cummins Cummins Q4 Profit Up 17%

(RTTNews) - Engine maker Cummins Inc. (CMI) said Thursday that its fourth quarter profit rose 17% from last year, as strong sales in North America, China and Brazil more than offset weakness in Mexico, India and Australia.

The Columbus, Indiana-based company reported net income for the fourth quarter of $432 million or $2.32 per share, compared to $369 million or $1.95 per share for the year-ago quarter.

Excluding special items, adjusted net income for the fourth quarter was $362 million or $1.94 per share, compared to $365 million or $1.93 per share in the prior year quarter.

On average, 24 analysts polled by Thomson Reuters expected the company to earn $1.98 per share for the fourth quarter. Analysts' estimates typically exclude special items.

Net sales for the for the fourth quarter rose 7% to $4.59 billion from $4.29 billion a year ago. Nineteen analysts had a consensus revenue estimate of $4.21 billion for the fourth quarter.

Fourth quarter sales of the company's engine segment grew 2% to $2.6 billion, while that of its component segment rose 21% to $1.1 billion and that of distribution segment surged 18% to $1.1 billion. Sales of the company's power generation segment fell 1% to $759 million.

Looking forward, Cummins forecasts full year 2014 revenues to grow between 4% and 8%. Analysts currently expect the company's revenue to grow 10.60% in 2014.

Cummins shares are currently trading at $128.50, up $1.83 or 1.44%.