COLUMBUS, Ind. (AP) -- Net income at Cummins Inc. almost quintupled in the second quarter on sharply higher sales of engines and components, the engine manufacturer said Tuesday.
The company earned $246 million, or $1.25 per share, up from $56 million, or 28 cents per share, in the same period last year. Revenue rose 32 percent to $3.21 billion.
Analysts surveyed by Thomson Reuters expected the company to earn 91 cents per share on $2.84 billion in revenue.
Cummins said sales of engines -- its biggest segment -- rose 45 percent to $1.9 billion, while components sales rose by the same percentage to $729 million. The company said it benefited from sales outside the U.S., which rose by more than half and now account for 64 percent of revenue.
"We continue to benefit from our leadership position in large and growing international markets such as China, India and Brazil," CEO Tim Solso said in a statement.
Shares of Cummins rose $1.45 to $79.30 in afternoon trading. They earlier set a new year high of $82.34, eclipsing a prior peak of $78.43 set Monday.