beat lowered third-quarter profit expectations by a penny, but said that earnings fell sharply from a year ago.
The maker of diesel engines reported earnings of $25 million, or 66 cents a share, for the latest third quarter, compared with $53 million, or $1.35 a share, in the year-ago quarter. Revenue for the quarter fell to $1.57 billion from $1.63 billion in the same quarter a year ago.
Cummins warned in September that it wouldn't meet analysts' expectations for the third quarter and lowered earnings guidance to 65 cents a share, according to the 10-analyst
First Call/Thomson Financial
consensus estimate. The company blamed the results on weakness in the North American heavy-duty truck market.
Shares of Cummins Engine were recently down 13 cents, or 0.4%, to $29.25.