Cummins Inc. reported third quarter revenues of $6 billion, an increase of 17 percent over the same period a year ago.
Sales in North America increased 13 percent while international revenues increased 22 percent, the company said, driven by strong demand across all global markets outside of China compared to the same quarter in 2020.
“Demand remained strong in the third quarter as the global economy continued to improve, driving strong sales growth across most businesses and regions outside of China, which is moderating in line with expectations,” said Chairman and CEO Tom Linebarger. “Economic trends such as order activity, freight rates and used equipment prices remain robust across a number of our key end markets which points to strong demand extending into 2022 and beyond. Cummins is well positioned to benefit as these markets gain momentum as we continue to see orders for our products outpace our competition. Despite this strong demand, supply chain constraints continue to impact our business as well as our customers’, resulting in rising material costs, elevated logistics expenses and other manufacturing inefficiencies and capping revenue below our expectations three months ago.”
Net income in the third quarter was $534 million compared to $501 million in 2020.
Based on the current forecast, Cummins is lowering its full year 2021 revenue guidance to be up approximately 20 percent versus last year, compared to prior guidance of up 20 to 24 percent.