NEW YORK — Shares of engine maker Cummins rose Tuesday after the company reported strong third-quarter results and raised its revenue forecast for the year.
Cummins Inc. (CMI) posted net income of $423 million, or $2.32 per share, on $4.89 billion in revenue.
According to Zacks Investment Research, analysts expected the company to report a profit of $2.28 per share and $4.71 billion in revenue.
The Columbus, Indiana, company now projects that its revenue will rise 10 to 12 percent in 2014, implying a range of $19.03 billion to $19.38 billion. Its previous estimates called for growth of 8 to 11 percent.
FactSet says analysts expected $19.02 billion in revenue on average.
Shares of Cummins advanced $9.37, or 6.9 percent, to $144.74 in afternoon trading.
With Tuesday's advance, Cummins shares are up 2.7 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 7.2 percent.
Elements of this story were generated by Automated Insights using data from Zacks Investment Research. CMI stock research report from Zacks.