Cummins profit down 22 percent on falling sales in all units
Oct 31 (Reuters) - Cummins Inc posted a 22 percent drop in quarterly profit on Wednesday as demand for its engines and engine parts fell 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.
Revenue fell 11 percent to $4.1 billion.
Shares of the company closed Friday at $93.82 after gaining nearly 7 percent so far this year.
- U.S.' Kerry voices 'regret' to India over diplomat case |
- Washington, DC city council raises minimum wage to $11.50/hr in 2016
- China confirms near miss with U.S. ship in South China Sea
- Medical bills underlie 60 percent of U.S. bankrupts: study
- Mega Millions winners in Georgia, California to split $648 million |