COLUMBUS, Ind. — Cummins has enjoyed a strong first quarter, thanks in part to increased market share in the North American trucking industry.
Cummins posted Q1 sales of US$3.47 billion (up 23% over the same period last year) and a net income of US$190 million (up 33% over last year).
International markets accounted for about 57% of Cummins sales in the first quarter.
“Our strong performance in the first quarter, which came in the face of considerable economic uncertainty in the US, is further proof that our diversification and growth strategies are working,” said Cummins chairman and CEO Tim Solso. “While we are monitoring the US economy closely, we intend to continue investing in opportunities around the world to fuel further growth in the future.”
Demand for Cummins medium-duty truck engines was especially strong in the first quarter, the company reported. Heavy-duty truck engine shipments were up 36% compared to the same time last year and medium-duty engine shipments surged 68%, thanks to increased market share in North America, the company reported.
Through February, Cummins reported it enjoyed 43% market share in the North American Class 8 truck engine market, compared to just 28% the same time last year. Its share of the Class 7 medium-duty engine market in North America rose from 23% in the first quarter of 07 to 55% this year.
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