Cummins Q2 Profit Rises; Lifts 2014 Revenue Growth Outlook - Quick Facts

(RTTNews) - Engine maker Cummins Inc. (CMI) reported that its second-quarter net income attributable to the company increased to $446 million or $2.43 per share from $414 million or $2.20 per share in the second quarter of 2013. Analysts polled by Thomson Reuters expected the company to report earnings of $2.38 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter grew to $4.84 billion from last year's $4.53 billion. The increase year-over-year was driven by stronger demand in on-highway markets and distributor acquisitions in North America. Wall Street expected revenues of $4.83 billion.

Cummins expects full year 2014 revenues to grow between 8% and 11%, up from its previous forecast of growth of between 6% and 10%, due largely to improving demand in North America. EBIT is expected to be in the range of 12.75 to 13.25 percent of sales. Wall Street expects revenues of $18.90 billion for fiscal 2014.