Cummins Engine Company (CMI) announced that its third-quarter net profit fell from US$229 million, or US$1.17 per share, in the same period last year to US$95 million, or 48 cents per share.
Revenue for the quarter fell to US$2.5 billion from US$3.7 billion in the same period of the previous year.
Excluding one-time items, the company earned 56 cents a share in the quarter.
Analysts surveyed by FactSet Research on average expected the company’s quarterly earnings per share of 37 cents and revenue of US$2.5 billion.
Cummins also raised its 2009 fiscal year revenue forecast. It is now expected that full-year revenues will decline by nearly 30% in the 2008 fiscal year. Prior to this, it was expected to decline by more than 30%.
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