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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowColumbus-based engine maker Cummins Inc. reported record revenue of $6.6 billion in the second quarter, driven by strong demand in the manufacturer’s North American market.
According to the company’s second-quarter financial report, released Tuesday morning, Cummins’ second-quarter revenue increased 8% from the same quarter a year ago. The company also reported profit of $702 million, or $4.94 per share, up from $600 million, or $4.10 per share, during the year-ago period.
North American sales for the quarter increased 15% while international revenue fell 2%, mostly die to a slowdown in China and because Cummins has indefinitely suspended its operations in Russia.
North America is Cummins’ largest geographic market, representing 52% of 2021 revenues. China is the company’s second-largest market, at 13%.
In its report, Cummins also said it expects to close this week on its previously reported $3.7 billion acquisition of Michigan-based Meritor. Meritor makes electric axle and brake technology, and Cummins sees the deal as a way to accelerate its electric and hybrid business.
Cummins is maintaining its full-year sales outlook, which calls for 8% growth over 2021.
Cummins’ results beat analysts’ expectations. A consensus of analysts had expected the company to post profit of $4.35 per share and revenue of $6.48 billion.
Shares of Cummins were trading at $220.08 per share Tuesday morning, up 1% from Monday’s closing price.
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