April 30 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
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.