Cummins Inc. (CMI) reported that its third-quarter net income attributable to the company decreased to $95 million from $229 million last year. Earnings per share attributable to the company decreased to $0.48 from $1.17 a year ago.
On average, 17 analysts polled by Thomson Reuters expected the company to report profit of $0.37 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales decreased to $2.530 billion from $3.693 billion last year. Analysts expected revenue of $2.48 billion for the quarter.
Cummins raised its sales and profit guidance for 2009. The company now expects 2009 sales to be slightly less than 30% lower than 2008. Previously, the company said it expected 2009 sales to be slightly more than 30% lower than last year.
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