During the course of this call, we will be discussing certain non-GAAP financial measures, and we'll refer you to our website for the reconciliation of those measures to GAAP financial measures. Our press release with a copy of the financial statements and a copy of today's webcast presentation are available on our website at www.cummins.com under the heading of Investor and Media.With that out of the way, we'll begin with our President and Chief Operating Officer, Tom Linebarger. N. Thomas Linebarger Good morning. I will start this morning by sharing some thoughts on our performance in the third quarter and our outlook for the remainder of the year. I will also update you on our long-term profitable [ph] growth plan. Pat will then provide greater detail in the quarter and our updated 2011 guidance. We delivered strong results in the third quarter. We continue to generate good revenue growth and gross margins with incremental gross margins of 30% year-over-year. All 4 businesses delivered double-digit operating margins. Sales for the third quarter of $4.6 billion were 36% higher in the same period in 2010. All 4 business segments reported higher sales, led in percent terms by the Engine and Distribution segments, which increased sales by 43% and 37%, respectively. The Components business also delivered very strong growth of 32% year-over-year. We reported EBIT for the quarter of $640 million, or 13.8% of sales, in the third quarter. This represents an EBIT of 43% year-over-year. Importantly, we continue to grow profits faster than sales. I would now like to make some comments about trends in our markets, starting with North America and then moving on to our international markets. Sales in North America increased 49% compared to the third quarter of 2010, with the Engine and Components businesses benefiting from the continued recovery in on-highway markets. North American shipments of heavy-duty truck engines more than tripled, and engines from medium-duty trucks increased by 92% compared to a year ago. We have now shipped more than 163,000 heavy- and medium-duty engines with our SCR technology in North America. Our engines continue to perform extremely well in terms of fuel economy and reliability, delivering benefits for our customers and resulting in lower warranty costs.
For the North American heavy-duty truck market, we are still projecting a market size of 228,000 units for 2011. And we are confident, based on customer order trends, that we will achieve full year market share of between 35% and 40%, a little better than we projected last quarter. We also experienced very strong growth in mining and oil & gas markets. The Engine business set a new record for shipments of mining engines this quarter, reporting a 95% increase in units year-over-year in North America. Our engine shipments to oil & gas customers increased by more than 170%.Our Power Generation business experienced revenue growth of 25% in North America, but that was against a weak comparison. As we discussed during our recent Analyst Day in New York, demand for our Power Generation products has leveled off in North America. In the third quarter, we saw only 2% growth in revenues compared to the second quarter. Order rates are stable at this time with strength in data centers and telecoms offsetting weakness in nonresidential construction. Now I'll make some comments about our international markets. Total company revenues outside of North America grew 28% compared to the third quarter of 2010. During our second quarter earnings call, I provided full year revenue projections for our business in India, China and Brazil, and I would like to provide a further update today for these key markets. Read the rest of this transcript for free on seekingalpha.com