Cummins Lowers Estimate for 3Q
COLUMBUS, Ind. (AP) _ Cummins Inc. said its third-quarter earnings will fall short of Wall Street expectations because of a sluggish heavy-duty truck market and reduced demand for truck parts.
The news sent the diesel engine manufacturer’s shares down 12.5 cents per share to $31.25 midday trading Tuesday on the New York Stock Exchange.
The diesel engine manufacturer said it expects to report earnings of about 65 cents per share in mid-October. The consensus estimate of industry analysts who follow the company is 85 cents, Thomson Financial/First Call reported.
The weakness of the euro and British pound also contributed to the lower earnings projection, the company said.
Columbus-based Cummins had sales of $6.6 billion in 1999.
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