Weak sales to oil, gas and mining weigh on Cummins in Q1

April 30 Tue Apr 30, 2013 7:56am EDT

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April 30 (Reuters) - Cummins Inc reported a sharper-than-expected drop in quarterly earnings on Tuesday, citing weak demand for most of products in most of its markets, but an especially dramatic decline in sales of its engines and turbines to customers in the mining and oil and gas industries,.

Cummins reported a first-quarter net profit of $282 million, or $1.49 a share, down from $455 million, or $2.38 a share, a year before.

Sales fell 12 percent to $3.9 billion, the company said.

Analysts, on average, had expected Cummins to report a profit of $1.86 a share, according to Thomson Reuters I/B/E/S.

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