Oct 31 (Reuters) – Cummins Inc posted a
lower-than-expected quarterly profit on Wednesday and slashed
its 2012 revenue estimate, citing slipping demand for its
engines and engine parts in nearly all parts of the globe.
For the third quarter, the company posted net income of $352
million, or $1.86 per share, compared with $452 million, or
$2.35 per share, a year earlier.
Excluding one-time items, the company earned $1.78 per
share.
By that measure, analysts had expected earnings of $1.83 per
share, according to Thomson Reuters I/B/E/S.
Revenue fell 11 percent to $4.1 billion. Analysts had
expected revenue of $4.5 billion.
Columbus, Indiana-based Cummins lowered its 2012 revenue
estimate to $17 billion from $18 billion. Analysts have expected
revenue of $17.1 billion for the year.
Shares of the company rose 0.2 percent to $94 in premarket
trading.
