After a weak 1998, Cummins sees brighter profit picture
COLUMBUS, Ind. (April 7) — After a year in which its stock price plummeted 30%, Cummins Engine Co. said its first-quarter earnings would be higher than expected because of strong demand for its engines and generators.
The company said it would earn about 63 cents a share, about 5 cents higher than had been anticipated.
Cummins said its earnings were boosted by cost reductions. Investments in new products such as its Signature 600 engine and weaker demand for engines in Latin America and Asia also hindered the company’s profitability.
Cummins, the world’s largest producer of heavy-duty diesel engines, will officially announce first-quarter earnings April 15.
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