Cummins profit misses Street as sales drop in all units
(Reuters) - Cummins Inc (CMI.N) 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. (Reporting by Ernest Scheyder; Editing by Lisa Von Ahn; Editing by Gerald E. McCormick)
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