Excluding items, performance net income was $75.5 million or $1.13 per share, compared to $47.2 million or $0.68 per share during Q2 2007. Sales for the quarter increased 33 per cent to $772.9 million from $582.3 million in Q2 2007.
Looking ahead to the full year, the company revised its earnings expectations and now expects earnings in the range of $3.71-$3.85 per share and performance earnings in the range of $4.12-$4.26 per share. The company also expects a sales growth in the range of 9%-12% for the full year. Analysts currently expect the company to earn $4.07 per share on revenue of $2.08 billion for the full year.
Analysts' average profit forecast was $1.23 a share, according to Reuters Estimates.
Sales at the Columbus, Indiana-based company rose 16 percent to $3.89 billion, ahead of an average forecast of $3.86 billion.
The results included a $6 million charge related to damage to several facilities caused by this summer's flooding in the Midwest. Ann Duignan, an analyst at JP Morgan, told Reuters that this had cost the company two cents a share.
"Without this, EPS would have come in at $1.51," Duignan said. Sales of its more consumer-related products in the United States tumbled during the quarter as falling home prices, tight credit markets and rising energy costs soured consumer confidence and kept buyers out of truck and motorhome showrooms.
Cummins said sales of diesel engines to Chrysler for the Dodge Ram heavy-duty pickup fell more than 60 percent, and RV engine sales fell nearly 40 percent.
"We had an outstanding second quarter in the face of some very real economic challenges, especially in the U.S.," Tim Solso, chairman and chief executive, said in a statement.