Comprehensive foreign reports, North America's largest manufacturer of heavy truck diesel Cummins (Cummins) issued a statement on November 3, said its third-quarter net profit of 95 million US dollars, exceeding the previous forecast. However, compared with the net profit of 229 million U.S. dollars in the same period of 2008, it fell by 59%.
According to Cummins CEO Tim Solso, as of the end of the third quarter, Cummins had cut 7,500 personnel and reduced inventory by 280 million U.S. dollars. Cummins’ sales profit for the third quarter was 2.53 billion, down 31% year-on-year. Tim Solso also revealed: “2010 is still a challenge for the heavy-duty truck market. Despite the fact that some of the world’s automotive markets have recovered in the third quarter, we expect that the economy will really recover by the end of 2010, especially in the European and American markets.â€
Cummins’ cash flow improved in the third quarter from $686 million at the end of the second quarter to $534 million at the end of the third quarter.
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